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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 |
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There is no answer at this time. |
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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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