The Cost of Living in Shanghai

I moved to China in 2005, and among the many culture shocks I experienced during the six months I spent studying Chinese in Beijing was incredulity at how cheap everything there was. The exchange rate had been fixed at 8.2 renminbi (RMB) to the dollar and prices were low; I used to groan whenever I came into possession of a 100RMB bill, because I knew no taxi driver or store clerk would want to break it.