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Posts: 4448

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Q: What are you gonna do about this Exchange rate (USD)?

Wow, my my my 100 RMB = 14.63 USD.

If you're traveling to America, OUCH!

If you have a U.S bank with dollars or you have U.S dollars will you shop it back to China?

What's your plan or thoughts on this exchange rate drama?

3 years 7 weeks ago in  Money & Banking - China

 
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Posts: 1304

Shifu

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exchange as much of my USD to rmb now, hold my RMB for use in China only. 

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3 years 7 weeks ago
 
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This is going to be a wild ride this year, currency speculators are going to prosper or die this year.

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3 years 7 weeks ago
 
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As for myself, I'll use my American credit card here for awhile to take a sideways advantage of this exchange rate, I'm not charged any interest if I pay before the deadline and fees are just 1.65

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3 years 7 weeks ago
 
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I suppose it comes down to a judgement call. Will the exchange rates improve or just get worse? How long do you have, can you afford to wait it out and hope they'll improve again?

 

If you're settled in China and plan to be there reasonably long term, I'd be tempted to hold on to your RMB until Trump is gone and hopefully relations - and the exchange rate - improve.

 

If you're there short term I think I'd be converting everything I could now before the exchange rate gets worse. This trade war looks like it will be drawn out and messy for both sides - and exchange rates.

 

 

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3 years 7 weeks ago
 
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I have been following the rate of exchange forecasts for CNY (Chinese RMB) for about a year now. It is not a crystal ball, wrong many times, but at least gives me a guideline. If three or four say it goes up, then I look for it to go up to plan bringing US dollars here. Since the trade war started, they have forecasted that the yuan would loose value as a way for the local Government to fight higher import duties. In late May, when the exchange rate was between 6.1 and 6.3, they forecasted 6.7 in July and 7.04 by late August and early September.
WILL IT GET THERE? We will know in September.
Anyway, they also claim this is temporaty, they forecast the rate to fallto maybe even just under 6 by year end. If yoiu have Rmb and need dollars, now is noit a good time to do the exchange. But if you want Rmb anbd have dollars, follow the market and make the exchange when it hits 7, if it does it.

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3 years 6 weeks ago
 
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