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Q: Black and grey market in China (averages and hits) ( No Answer,   4 Comments )
Question  
Subject: Black and grey market in China (averages and hits)
Category: Business and Money > eCommerce
Asked by: lollol83-ga
List Price: $3.00
Posted: 05 Dec 2005 06:45 PST
Expires: 04 Jan 2006 06:45 PST
Question ID: 601605
How many yuans can be taken with a dollar in the Chinese major cities
(various way to take money in the local host Nation)?

maybe they are similitaries with '90 decade situation of Moska where
official market was giving 7,5 rublos per dollar but the black market
220 30 )

Clarification of Question by lollol83-ga on 05 Dec 2005 06:46 PST
I mean as tourists way to access to local yuans
Answer  
There is no answer at this time.

Comments  
Subject: Re: Black and grey market in China (averages and hits)
From: moxin-ga on 05 Dec 2005 07:20 PST
 
that is about 8 yuan to 1 usd,
often is 8.07
Subject: Re: Black and grey market in China (averages and hits)
From: myoarin-ga on 05 Dec 2005 10:15 PST
 
From my limited experience, there is no black market for foreign
currencies in China.  One might also consider that there is
international pressure on China to let the yuan float and increase in
value relative to the US dollar.  China has allowed the exchange rate
to change a bit recently.
The situation is entirely different from countries where the official
exchange rate is locked at a level that does not reflect the real,
much lower value.
Subject: Re: Black and grey market in China (averages and hits)
From: myoarin-ga on 06 Dec 2005 02:54 PST
 
You can exchange dollars and other currencies for yuan at major hotels
and elsewhere in major cities.
Another word about a black or grey market:  since the yuan is
undervalued at the present exchange rate (in most experts' opinions),
that means that the dollar is overvalued.  Therefore, there is no
attraction in buying and holding dollars for the local populace; on
the contrary, there is the risk that the yuan may be allowed to float
upwards, and the dollars would be worth less.
This is quite a different situation from that in countries where the
official exchange rate overvalues the local currency:  e.g., between
the two Germanies before unification.  The official exchange rate in
East Germany was one to one, but the black market rate was about 5
East Marks to one DMark (west).
Subject: Re: Black and grey market in China (averages and hits)
From: adken-ga on 12 Dec 2005 07:08 PST
 
There dose exist black market in big cities of China,but the market is
shrinking,as is said before ,RMB is considered "lowervalued".
But sometimes ,we still exchange  yuan into dollar in black market for
unusual uses,for instance,tourist overseas,shopping online from
foreign websites(Amazon,ebay...),because we cannot exchange dollars
from bank freely.
Strange ploicy,we think.

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