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Chinese currency is the rénmínbì (RMB) and is in the form of yuan (yuán, ¥). The conversion of yuan to dollars had been 8¥ = $1 but right now it’s a little less than 7¥ = $1. 
One yuan is divided into 10 jiǎo. One jiǎo is divided into 10 fēn, pennies in English. The largest denomination of the renminbi is the 100 yuan note (~$14). The smallest is the 1 fēn coin or note. RMB is issued both in notes and coins. The paper denominations include 100, 50, 20, 10, 5, 2 and 1 yuan; 5, 2 and 1 jiǎo; and 5, 2 and 1 fēn. The denominations of coins are 1 yuan; 5, 2 and 1 jiǎo; and 5,2 and 1 fēn.
This link shows all of the currency in China.
During our last trip to China we brought cash and travelers checks. We exchanged our US dollars for RMB at our hotel and at banks. It was important that the cash be as new as possible, otherwise they might not be accepted for fear of being counterfeit. We actually had trouble getting our travelers check converted. They were not always accepted. There are ATM machines in hotels and other locations and we used our credit cards for that. We were also able to use our credit card at hotels and some stores.
