great news for those traveling...

[lele]

Wonderful News.

 

Relevant for everyone traveling for a vacation or wanting to send money from China outside, or when you move on your new Visa.

 

People are now allowed to carry with them much more RMB than before (well, effective January 1 that is).

 

http://news.xinhuanet.com/english/2004-12/...ent_2289356.htm

[beijingjenny]

Yes, but what can you do with RMB outside of China? It's still considered a soft currency in most of the world. I'm just curious, cuz we'll have lots of RMB saved (well, hopefully...) by the time we leave.

[lele]

Yes, but what can you do with RMB outside of China? It's still considered a soft currency in most of the world. I'm just curious, cuz we'll have lots of RMB saved (well, hopefully...) by the time we leave.

Well,

 

The amazing thing is that the currency is *hard* for many of the surrounding countries. If you go to Vietnam or Thailand, for example (both are excellent for up to 3-4 weeks of vacation time) the currency can often yield you a better exchange rate than US$!

 

I am not so sure about in the US, but if you know people on short term US Visas heading back to China (like the students on F1's) you can trade with them.

 

Others I know just want to hold it and wait for the RMB to be repegged to the Euro to make a mint off of the switch.

 

Enjoy your travels with it would be my recommendation!

[beijingjenny]

Good point.

 

And I do have a friend who is hoarding up the RMB quite sure it's going appreciate, and planning to change it all in HK when he leaves China. I change my 70% every month though to save hassle later.

[nousername]

hey, what do you guys mean by *soft* and *hard* currency? thanks.

[lele]

hey, what do you guys mean by *soft* and *hard* currency? thanks.

*soft* means that it is hard to trade or yields a starkly different exchange ratio in various different region. *hard* means that it is relatively easy to trade and yields a roughly similar rate in different regions.

 

for the RMB for example in China or Thailand or Hong Kong or Vietnam, one can get an equivalent of about 8.2?:1

 

but in the US, it is more like 9.?:1 and hence it is considered "soft".