skibum Posted July 21, 2005 Report Share Posted July 21, 2005 The RMB is still not floating but tied to more currencys. Link to comment
frank1538 Posted July 21, 2005 Report Share Posted July 21, 2005 The RMB is still not floating but tied to more currencys.139013[/snapback]Here's one of the stories: http://news.yahoo.com/s/ap/20050721/ap_on_...bDltBHNlYwM3MTY The cost of everything from China just went up a little. Link to comment
Randy W Posted July 21, 2005 Report Share Posted July 21, 2005 ???? from oanda.com FXConverter - 164 Currency Converter Results Thursday, July 21, 2005 1 US Dollar = 8.28650 Chinese Yuan Renminbi 1 Chinese Yuan Renminbi (CNY) = 0.12068 US Dollar (USD) Median price = 8.26650 / 8.28650 (bid/ask)Minimum price = 8.26650 / 8.28650 Maximum price = 8.26650 / 8.28650 Rate for previous day Print Travelers' Currency CheatSheet for US Dollar and Chinese Yuan Renminbi. Print Friendly Conversion Results Understanding the results Add a currency converter to your Web site today. Get exchange rates with amount: Link to comment
rogerluli Posted July 21, 2005 Report Share Posted July 21, 2005 uh-oh for those of us thinking about buying real estate in China. Although the move is a very tiny one and they are only allowing a 0.3% movement around this new "peg"... Link to comment
Randy W Posted July 21, 2005 Report Share Posted July 21, 2005 ???? from oanda.com FXConverter - 164 Currency Converter Results Thursday, July 21, 2005 1 US Dollar = 8.28650 Chinese Yuan Renminbi 1 Chinese Yuan Renminbi (CNY) = 0.12068 US Dollar (USD) Median price = 8.26650 / 8.28650 (bid/ask)Minimum price = 8.26650 / 8.28650 Maximum price = 8.26650 / 8.28650 Rate for previous day Print Travelers' Currency CheatSheet for US Dollar and Chinese Yuan Renminbi. Print Friendly Conversion Results Understanding the results Add a currency converter to your Web site today. Get exchange rates with amount:139019[/snapback] I gues it'll show up tomorrow - it was effective as of 7PM China tine. Link to comment
Guest ShaQuaNew Posted July 21, 2005 Report Share Posted July 21, 2005 (edited) ???? from oanda.com FXConverter - 164 Currency Converter Results Thursday, July 21, 2005 1 US Dollar = 8.28650 Chinese Yuan Renminbi 1 Chinese Yuan Renminbi (CNY) = 0.12068 US Dollar (USD) Median price = 8.26650 / 8.28650 (bid/ask)Minimum price = 8.26650 / 8.28650 Maximum price = 8.26650 / 8.28650 Rate for previous day Print Travelers' Currency CheatSheet for US Dollar and Chinese Yuan Renminbi. Print Friendly Conversion Results Understanding the results Add a currency converter to your Web site today. Get exchange rates with amount:139019[/snapback] I gues it'll show up tomorrow - it was effective as of 7PM China tine.139021[/snapback]A couple more articles. Hmmm, I'm going to China Friday.... Fox Story CNN Money "This is a fig leaf. It's an attempt by the Chinese to do the least amount possible," said Morici, who estimated that the yuan is about 40 percent undervalued because of the trading restrictions. "Even a pace of 10 percent change a year will get us there too slowly," he said. "(With this change)China will continue to have very large trade surpluses and cause damage to industries that compete with Chinese companies." For a look at some of the implications of a revalued yuan, click....see main article.... That's the consensus...doesn't look like much will be happening anytime soon.... Edited July 21, 2005 by fitnlivly (see edit history) Link to comment
rogerluli Posted July 21, 2005 Report Share Posted July 21, 2005 No question that this is a very small move to keep China's trading partners happy, "See we're doing something". A big move would harm the Chinese economy in a big way and no one could predict the eventual fallout there and worldwide... Link to comment
Dan R Posted July 21, 2005 Report Share Posted July 21, 2005 When Japan moved its currency from the long pegged 360 :1 it jumped 30% overnight. I had urged my father to change his dollars to Yen a few days before. He wouldn't believe it. Oh well many opportunities come and go. The Chinese government is much more in control and seems to be making every effort to avoid past mistakes of other governments by controlled change. They have avoided the pitfalls faced so far by the Shah's Iran, Soviet Union and now Japan. Seems they are walking that tight rope well but they have far to go to the other end. Link to comment
warpedbored Posted July 21, 2005 Report Share Posted July 21, 2005 The yuan was revalued after months of political pressure, but the small change is far less than what the U.S. wanted. Are bigger changes coming, or is this just a 'gesture'? By Kim Khan China took what is regarded as in important first step in revaluing its currency today, shifting its peg of the yuan away from the U.S. dollar to a basket of currencies. The move will be welcomed by countries that argue China's defense of its currency to keep it artificially weak gives the country an unfair advantage in trade. But the immediate impact on global economies is expected to be limited. "It was going to happen at some point. They have introduced a very modest appreciation to kick the whole thing off," Ian Gunner, head of foreign exchange research at Mellon Financial Corporation, told the Associated Press. "The market is now going to be interested in how much further there is to go. There could be another adjustment in a few months but I do not think they will want to get into a timetable here." China uncoupled the yuan from the dollar and will let it float in a narrow band against a basket of foreign currencies (of which the U.S. dollar is likely to be one). The move revalues the yuan by 2.1% against the U.S. dollar, moving it to 8.11 yuan per dollar from 8.28. Link to comment
HanLi Posted July 21, 2005 Report Share Posted July 21, 2005 This will affect our SOs and those of us that send support money to them..... but let us see how it shakes out!!! Link to comment
warpedbored Posted July 22, 2005 Report Share Posted July 22, 2005 It is a pretty small change for us. but if it continues to devalue it can hurt American businesses that import a lot of Chinese goods. I am also a little anxious to see how if affects inflation. Link to comment
vibes1313 Posted July 22, 2005 Report Share Posted July 22, 2005 I'm about to go out for milk and bread. I'll let you know. Fortunately I converted dollars to yuan last month. I think they were ready to revalue then, but too many countries were asking them to. Link to comment
Yuanyang Posted July 22, 2005 Report Share Posted July 22, 2005 It's good news for those of us whose SOs are still in China with assests to liquidate. However, as Roger mentioned it's bad news for holding off buying our retirement home in China. Greenspan and other Treasury folks would like the rate to settle down to around 4:1!. I can't see Beijing allowing any swift movement as the inflationary impact on the Chinese people would be terrible. Link to comment
HanLi Posted July 22, 2005 Report Share Posted July 22, 2005 I'm about to go out for milk and bread. I'll let you know. Fortunately I converted dollars to yuan last month. I think they were ready to revalue then, but too many countries were asking them to.139183[/snapback]It will be interesting to know if it has any impact locally for you!!! Let us know! Link to comment
david_dawei Posted July 22, 2005 Report Share Posted July 22, 2005 My SO had no knowledge of it till I asked her... She then asked me a few questions... In the end, she just said, "mei guan xi"... Link to comment
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