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Q: Have you exchanged cash recently?
If you're planning on exchanging RMB to USD, do it fast.
The exchange rate is about to go nuts, it may already have.
Credit rating downgraded to A1 from A3, among multiple other things.
Local state run media blames Trump.
Who's fault is it?
Trump or the country with 40% GDP=debt?
Mainlanders can't be responsible for anything, it must be Trump's fault!
Anyway, my wife (Chinese) just told me its 6.78 now but projected to be above 8.
I advise to exchange as fast as you can or wait til the next opportune moment.
6 years 47 weeks ago in Business & Jobs - China
Moody downgraded China and HK few days later. ....
China 'national protection team' step into the action yesterday and:
FX Chaos - Cable Cracks Lower On Election/Confidence; Chinese Yuan Spikes To 3-Month Highs
A kneejerk lower in Cable overnight (on Tory poll numbers dropping and weak confidence) started the fun in FX markets but (aside from Bitcoin), but Yuan is the big mover once more with a big figure spike to 6.85 - strongest since early Feb, extending the gains post-FOMC Minutes.
After Moody's downgrade:
Angry China Slams Moodys For Using "Inappropriate Methodology"
In other words: buy US$ (with RMB) at better rate than 3-months ago ...whoever cares.
FX traders can make money, but not regular folks on cash exchange.
You'll make it better at exchange if you'll use China Merchants Bank Gold account, because CMB uses 'spot rate', no fee applies for cash (or paper) exchange.
Zethe:
They'll just keep burning the rungs of the ladder instead of doing the work to climb up it...until the ladder is completely gone and they're stuck moping behind the wall they could have climbed over and blaming whoever is on the other side.
icnif77:
Chinese are doing the same as US, i.e. 'run the print press' and it worked/works well for US, so ...
We are the ones who get fuked .... buy PM, i.e. real money.
Zethe:
Yeah, the difference is history is now repeating itself with even bigger consequences for failure than before. It's like trying to compare WWI with WWII. No comparison except it was the same cause to blame.
Zethe:
As for your constant spam on my questions about CMB, my wife gets the same exact same deal on spot rate exchange with alternative methods using CCB, so your point is moot.
