Foreign currency exchange service in China has covered all major international airports, four-star and above hotels, major tourist attractions, resorts and shopping streets across the country, according to the People's Bank of China.
According to the central bank, inbound tourists can exchange for Chinese renminbi (RMB) at more than 67,000 bank branches, 4,200 foreign exchange facilities and 320,000 ATMs across the country.
Currency exchange machines are installed in the lobbies of many hotels. Visitors only need to scan their passports and insert foreign currency notes to be exchanged into RMB according to the exchange rate of the day.
Many banks have simplified the process for foreigners with passports and other valid documents to open accounts in China. Cristine, a tourist from Germany, said this makes it more convenient for her to travel around the country.
"I think, today, we have diversity of payments that we can choose. You can use WeChat, Alipay. You can use your own card: credit card, debit card, or cash. You can choose which one you like best," she said.
China expands foreign cash exchange service across the country
The U.S. Federal Reserve on Wednesday slashed interest rates by 50 basis points amid cooling inflation and a weakening labor market, marking the first rate cut in over four years.
"The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance," the Federal Open Market Committee (FOMC), the central bank's policy-setting body, said in a statement.
"In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent," the FOMC said.
This signals the start of an easing cycle. Starting from March 2022, the Fed had raised rates consecutively for 11 times to combat inflation not seen in forty years, pushing the target range for the federal funds rate up to between 5.25 percent and 5.5 percent, the highest level in over two decades.
After maintaining rates at the high level for over a year, the Fed's tight monetary policy faced pressure to pivot due to the easing of inflationary pressures, signs of weakening in the job market, and slowing economic growth.
U.S. Fed slashes rates by 50 basis points, first rate cut in four years
