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The Renminbi is the legal tender in the China. It is issued by the People's Bank of China. The official abbreviation of Renminbi is CNY, but also commonly abbreviated as RMB. The Renminbi means people's currency literally. People's Bank of China, abbreviated as PBOC, is the central bank of China.

US dollars in cash form are accepted at many places in China; however, travelers' checks must be converted into RMB firstly, so that you would better bring a combination of cash and travelers' checks for your trip.
In addition, Credit cards are not widely accepted in China except in some major cities. But they are accepted in some important and famous places, such as the International hotels, and department stores and shops, to which foreigners often visit.

The amount of foreign currency permitted to bring into China is limited. And you would better keep the receipts when you change your money to Renminbi in Chinese banks, because you need them to change the money back at the end of your tour. What’s more, it could be not possible for you to exchange RMB when you leave China.