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Chinese Currency Revalued
Jul 22, 2005 08:31
  • RITA
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RMB was revalued by 2.1 percent and abandoning the currency's decade-old peg against the dollar.

It's good for Chinese traveling abroad, but bad for inbound tourism.

What do you think, guys?
Jul 22, 2005 08:57
#1  
  • CONNY129
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Dose that mean we are more richer :)
Jul 22, 2005 09:03
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  • CATHERINE
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In a short time, it will bring some negative influence on those exporters, thus result in unemployment or even bankruptcy.

For most of the common people, the appreciation of Chinese Yuan has no much influence on their daily life. Only can benefit when they travel abroad, or buy some exported goods.
Jul 22, 2005 09:10
#3  
  • MERMAID
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For those who hold a lot of bucks, it is a bitter-sweet xp.
Jul 22, 2005 09:15
#4  
  • CATHERINE
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At the same time of CNY's appreciation, the interest rate of USD deposit had a 0.5% increase.
Jul 22, 2005 10:43
#5  
  • RITA
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I think it is just the beginning of a nightmare for many export-oriented enterprises.
Jul 25, 2005 16:41
#6  
  • ANITA
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How about the exchange rate today? Still 8.11?
Jul 26, 2005 16:31
#7  
  • RITA
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The exchange rate on July 26 is US$1= 8.1099CNY according to the currency converter on "Yahoo Finance".

I know nothing about finance, but I just expected that imported goods from dollar-prevailing countries should have had the prices lowered. :)
Apr 9, 2006 21:46
#8  
  • RITA
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It is said that the value of Renminbi will keep appreciating in 2006 gradually. But the way it increases its value and and how much it will be increased is still noncommittal.
It's good to travel in China sooner than later:-)
Apr 9, 2006 21:59
#9  
  • ROGERINCA
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Yes, you are so correct Rita !!

On my first and second trips to China in late 2004 and mid 2005, the rate was 8.28 RMB to the 1 US $.

On my last trip in December it was 8.10 and now, it is lower.

I will still love China as my second home, no matter where the Yuan is in value !!! :) :)
Apr 9, 2006 22:00
#10  
  • CALIFORNIA
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LOL!!!Roger,

But our products will be more and more expensive~~~~~~
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