Currency rates in China

[Oiler1]

I noticed that other currencies flutuate much more against the RMB than the US dollar. I am a Canadian but I usually bring US dollars to foreign countires as it is more easily exchangable.

In recent days the Canadian and I imagine other currencies have appreicated a lot against the US dollar but the US dollar has not dropped hardly at all against the rmb. Does the Bank of China have the RMB pegged to the US dollar?

[mustfocus]

I noticed that other currencies flutuate much more against the RMB than the US dollar. I am a Canadian but I usually bring US dollars to foreign countires as it is more easily exchangable.

In recent days the Canadian and I imagine other currencies have appreicated a lot against the US dollar but the US dollar has not dropped hardly at all against the rmb. Does the Bank of China have the RMB pegged to the US dollar?

The chinese government has the RMB pegged to a basket of currencies including the Canadian and US dollars.  I think there were 20 currencies in all including the Euro and the Pound.

[Willy The Londoner]

Maybe that is why this is a wealthy country in real terms.  If they ever sold off the bonds that they are holding in other currencies the whole financial system of the world could fall.

Includng USA and Europe.  People underestimate the actual wealth of the country by comparing it to wages paid here.  Maybe their financial idea are good ones to follow.  

I am more than hapy with them.

Willy

[David E]

Maybe that is why this is a wealthy country in real terms.  If they ever sold off the bonds that they are holding in other currencies the whole financial system of the world could fall.

Includng USA and Europe.  People underestimate the actual wealth of the country by comparing it to wages paid here.  Maybe their financial idea are good ones to follow.  

I am more than hapy with them.

Willy

Willy...one small correction to your very true post...for "could" fall...substitute "would" fall !!!

Despite everything, China is still generating 20% of its GDP from domestic savings...ie the amount that the average Joe puts away each week....which is pretty impressive when we consider that their average wage is less than $6,000 per. Thus their Government always has large cash reserves with which to buy up the Bonds and Securities from Foreign Countries without incurring massive funded debt which would drive up inflation and Interest Rates.

They've clearly got it more right than the rest of us !!

In Australia, our household savings generate less than 2 % of our GDP !!!...we spend it all on Chinese goods !!!!

David

[ttwjr32]

you still get the best rates of exchange in china at the bank of china

[Oiler1]

I got 675.70 to 100 USD on Friday. The Canadian rate CAD is 643 to 100 which is not good as the CAD Iis about 1.036 to the USD. The spread is higher for CAD so that is why I always bring USD to exchange even though I am Canadian.

[Martin]

My wife told me tonight that the exchange rate is 1 CAD = 6.707 RMB

[Willy The Londoner]

Unless you going to cash up $100,000 or more then why worry. You are never going to get the best rates below that and the difference is nominal.

Willy

[Oiler1]

My wife told me tonight that the exchange rate is 1 CAD = 6.707 RMB

You nevr get that as it is a wholesale spot rate. WIlly's right the diff is minimal, but some if us like to save whereever. In the long run it does add up.

[ttwjr32]

i shopped when i got here because of the amount i had on me
so that little difference means a lot   and i still shop around for
curiosity

[Oiler1]

675.82 to the USD today. 646.30 to CAD so it went up from 675.70 and 643 respectively,

[Willy The Londoner]

My wife told me tonight that the exchange rate is 1 CAD = 6.707 RMB

You nevr get that as it is a wholesale spot rate. WIlly's right the diff is minimal, but some if us like to save whereever. In the long run it does add up.

Some people like to save in other ways.  

But I have just found that my wife hordes all my empty bottles and coke cans.   Anyone got a spot price for scrap plastic and glass??

Willy

[ttwjr32]

we did that also Willy but we got like 5 rmb for a whole lot
of them so what i do know is i crush them and have 4 or 5 or 6
in a small plastic bag and i give them to the first poor person i see
collecting recycle stuff. it usually only involves a short walk on my
part before i give them to someone. the look of appreciation is worth
the time to find them as i just feel they need it more than me  and it
is my contribution to help people who are in need

[Arnold]

A interesting thing here . As my Wife's brother is very aware of the Stockmarket / Economic situations and is a great Business Man ( who isn't in China ) , Qing tells me that in less then 10 years the US Dollar is going to be only worth 3 RMB's . So , anybody has spare Dollar's buy Yuan's now and sell later back for a nice profit ... allowing the Dollar is still worth something by then . I guess , we will see a lot more Chinese Visiter's to the US in the years to come . haha

[Vince G]

Arnold, that is speculation and an old on at that. Rumors start flying at the start of a financial problem, but it would never happen. There is another part that they don't tell you, Fail safes. Installed in the financial market are fail safes to prevent a depression like in the 30's ever happening again.