Yuan appreciation has been more rapid

[Guest Tony n Terrific]

http://www.chinadaily.com.cn/china/2008-04...ent_6590587.htm

[Finer in China]

http://www.chinadaily.com.cn/china/2008-04...ent_6590587.htm

Visiting US Treasury Secretary Henry Paulson said Thursday that US appreciates China's holding of US treasuries and admitted that the yuan appreciation has been "more rapid".

 

"We appreciate the Chinese investment in all of our securities (including treasuries)," he told Ed Zhang, senior consultant of China Daily, during an exclusive interview with the China Daily website.

 

China is holding about $490 billion in US treasuries, according to US Treasury figures. Some US politicians have warned that it will be a big danger to the US economic security.

 

But Paulson said it is not a problem. "We trade $500 billion treasuries a day."

 

Paulson is on a two-day visit in Beijing for preparations for the upcoming Sino-US Strategic Economic Dialogue (SED) set for June in Washington. He met with Premier Wen Jiabao and Minister of Commerce Chen Deming Thursday before leaving Beijing in the evening.

 

"The yuan is appreciating more rapidly and I think it's a very important and very wise step," he said, adding that it is in the interest of China.

 

But many Chinese economists have warned that too fast appreciation of yuan is set to damage the Chinese economy by dampening exports and reducing employment.

 

Paulson said he appreciates the SED mechanism in helping solve long-term and sensitive issues of mutual concern.

 

He stopped short of predicting when the US economy will step out of recession, but believed US has a "resilient and diverse" economy that will help long-term fundamentals. "I'm an optimist ... We are making process and working our way through it (the recession)."

[N&J]

$1 = 7.0169 rmb B)

[Guest Tony n Terrific]

$1 = 7.0169 rmb

Here is a link that updates the currency exchange rates daily.

Since so many of us are interested in the Chinese RMB vs the Dollar

maybe this should be pinned.

 

Symbol U.S. Dollar Exchange

Rate Chinese Yuan Bid Ask

USDCNY=X 1 Apr 4 7.0200 7.0200 7.0200 7.0250

 

 

 

 

http://finance.yahoo.com/currency/convert?...;amt=1&t=5y

Edited April 4, 2008 by Tony n Terrific (see edit history)

[tsap seui]

$1 = 7.0169 rmb

Here is a link that updates the currency exchange rates daily.

Since so amny of us are interested in the Chinese RMB vs the Dollar

maybe this should be pinned.

 

Symbol U.S. Dollar Exchange

Rate Chinese Yuan Bid Ask

USDCNY=X 1 Apr 4 7.0200 7.0200 7.0200 7.0250

 

 

 

 

http://finance.yahoo.com/currency/convert?...;amt=1&t=5y

 

 

Thanks Tony. And congrats on the upcoming wedding.

 

tsap seui

[Stone]

Someone told me that if you use American bank issued ATM cards to withdraw cash in China, you can get better exchange rate than using dollar cash or travellers' check. Is it true or not much of a difference?

[NY-Viking]

Someone told me that if you use American bank issued ATM cards to withdraw cash in China, you can get better exchange rate than using dollar cash or travellers' check. Is it true or not much of a difference?

 

Depends on which ATM you use them in and the individual banks themselves ... (e.g., you might get a different rate if you use a Citibank ATM card in a Citibank ATM in China than if you use the same Citibank ATM card in a Bank of China ATM).

 

There are also a lot of fees to be aware of - the ATMs may charge a per transaction set fee (like RMB 10 ... like the $1 charge the US ATMS charge if it's not the card your using's ATM), and, many US banks now impose a 3% (or higher or lower ... Citibank's is now 3%) of the transaction as a fee.

 

In my experience, you'll get the best rate with Traveller's checks ... now that the black market for cash is gone ....

[DMikeS4321]

Here is another good currency converter:

 

http://www.xe.com/ucc/convert.cgi

 

I also have one of those 'gadgets' on my desktop that keeps a running tab. Right now it stands at 6.997 RMB to $1.00 American.

 

I won't be a "rich American" pretty soon (not that I ever was!! ).