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Sign up with Google Sign up with FacebookQ: With the appreciation of the yuan, is it a good time to change it into for eg US$ ?
Now that the RMB is exchanging for something like 6.23 to a US$, is it worth considering exchanging it into for example US$ now ?
11 years 21 weeks ago in Money & Banking - China
If you are talking specifically about exchanging RMB to USD, you may want to hold off for a few weeks until the US Government takes care of the "fiscal cliff".
Depending on what they do, or don't do, it will certainly affect the exchange rate and applied fees. My guess is that it would be best to hold off until the last week of December, because when the new year comes a lot of current fiscal policies will cease to exist and tax rates on a lot of things will climb sharply.
Wait and see if this fiscal cliff thing happens. In the 2008 crisis the Canadian dollar went down to 5.3 yuan... now it's back up to 6.3. Sadly, I had just arrived at the time and had no yuan, if I had I would have sent loads back to Canada.
Probably not; the RMB is "semi-pegged" to the USD and is only allowed to float in a very tight range, so unless you are exchanging thousands of yuan, it would not really make much difference.
If you really want to speculate or trade currencies, you can try online Forex trading which is my main occupation and you can trade in many currencies 24 hours a day from the comfort of your home; this has been my main occupation for about the past seven years.