Converting RMB to USD

lodgerly

Joined: Jul 13th, 2007
Posts: 3,910

Re: Converting RMB to USD

Posted by: lodgerly on Feb 23, 2011 5:19pm

Can get it done at any bank.

Show Oligarch

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Niu Bi

Joined: Aug 12th, 2009
Posts: 625

Re: Converting RMB to USD

Posted by: Niu Bi on Feb 23, 2011 5:58pm

I buy my USD at ICBC. You'll need your passport. I believe there is also a daily limit although I don't know how much it is. If you're under US$5,000 then you should be fine.

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Count_zero

Joined: Mar 25th, 2006
Posts: 6,771

Re: Converting RMB to USD

Posted by: Count_zero on Feb 23, 2011 6:59pm

lodgerly wrote:

Can get it done at any bank.

Lies.

As you know, foreigners get unfair treatment in China.

The limit is US$500 per day.

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Niu Bi

Joined: Aug 12th, 2009
Posts: 625

Re: Converting RMB to USD

Posted by: Niu Bi on Feb 23, 2011 7:34pm

Count_zero wrote:

lodgerly wrote:

Can get it done at any bank.

Lies.

As you know, foreigners get unfair treatment in China.

The limit is US$500 per day.

That's retarded. Chinese people don't have to deal with the limit, I presume, as my wife just bought a few thousand dollars a few weeks ago.

There are rumors that the Friendship Store there over on Jianguomen Wai has a desk that will trade your money. Three years ago I traded US$3,500 worth of RMB...you may try there.

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foreign.lecturer

Joined: Oct 9th, 2010
Posts: 1,206

Re: Converting RMB to USD

Posted by: foreign.lecturer on Feb 23, 2011 7:54pm

Niu Bi wrote:

Count_zero wrote:

lodgerly wrote:

Can get it done at any bank.

Lies.

As you know, foreigners get unfair treatment in China.

The limit is US$500 per day.

That's retarded. Chinese people don't have to deal with the limit, I presume, as my wife just bought a few thousand dollars a few weeks ago.

There are rumors that the Friendship Store there over on Jianguomen Wai has a desk that will trade your money. Three years ago I traded US$3,500 worth of RMB...you may try there.

That is correct, I change my money there. No limit, no paperwork, no taking a number, just walk to the window, buy as much as you like and you are on your way.

China has more pigs than America has people.

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RENMINBI

Joined: Feb 21st, 2011
Posts: 29

Re: Converting RMB to USD

Posted by: RENMINBI on Feb 26, 2011 6:35am

If you are coming back, keep your RMB. USD is coming down, and RMB is getting appreciated. People are talked about 20-30% appreciation of RMB at fair value.

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Count_zero

Joined: Mar 25th, 2006
Posts: 6,771

Re: Converting RMB to USD

Posted by: Count_zero on Feb 26, 2011 10:11am

> People are talked about 20-30% appreciation of RMB at fair value.

Who are?

You?

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RENMINBI

Joined: Feb 21st, 2011
Posts: 29

Re: Converting RMB to USD

Posted by: RENMINBI on Feb 26, 2011 12:02pm

Doesn't matter who I am. If you watch CNBC, you know that.

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Count_zero

Joined: Mar 25th, 2006
Posts: 6,771

Re: Converting RMB to USD

Posted by: Count_zero on Feb 26, 2011 2:18pm

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RENMINBI

Joined: Feb 21st, 2011
Posts: 29

Re: Converting RMB to USD

Posted by: RENMINBI on Feb 27, 2011 8:34am

wow. i'm sure you have advanced degree in finance and have been working in the stock market for decades?

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Count_zero

Joined: Mar 25th, 2006
Posts: 6,771

Re: Converting RMB to USD

Posted by: Count_zero on Feb 27, 2011 10:08am

Calm down, RENMINBI. Your English isn't good enough to understand.

I asked who are talking about the RMB appreciating 20-30 percent.

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RENMINBI

Joined: Feb 21st, 2011
Posts: 29

Re: Converting RMB to USD

Posted by: RENMINBI on Feb 27, 2011 10:39pm

Whose English isn't good enough to understand what?
Dude, what are you smoking?

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RENMINBI

Joined: Feb 21st, 2011
Posts: 29

Re: Converting RMB to USD

Posted by: RENMINBI on Feb 27, 2011 11:00pm

http://thehill.com/blogs/on-the-money/801-economy/107797-treasury-china-...

"The renminbi has edged up in value since the announcement, as the dollar has moved from 6.83 renminbi to 6.77 on Thursday. But critics say it is undervalued by as much as 40 percent. "

http://www.reuters.com/article/2010/07/28/china-imf-yuan-idUSWEN78652010...

"Chinese yuan is undervalued somewhere between 5 to 27 percent"

http://www.investmentreview.com/news/chinese-yuan-undervalued-by-as-much...

"Chinese Yuan Undervalued By As Much As 40%"

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Count_zero

Joined: Mar 25th, 2006
Posts: 6,771

Re: Converting RMB to USD

Posted by: Count_zero on Feb 27, 2011 11:09pm

So in fact nobody is saying the yuan will appreciate by 20-30%.

Thank you.

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RENMINBI

Joined: Feb 21st, 2011
Posts: 29

Re: Converting RMB to USD

Posted by: RENMINBI on Feb 27, 2011 11:26pm

Yeah, I forgot. You are probably an English teacher in China, right? You just need to find the word "appreciation".

http://www.reuters.com/article/2011/01/14/us-usa-china-geithner-idUSTRE7...

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foreign.lecturer

Joined: Oct 9th, 2010
Posts: 1,206

Re: Converting RMB to USD

Posted by: foreign.lecturer on Feb 28, 2011 12:12am

http://www.reuters.com wrote:

Geithner told an audience on Tuesday that the current "real" pace of appreciation would help correct an exchange-rate imbalance with the U.S. dollar but at an unnecessarily severe cost to China. A stronger yuan in nominal terms could help cap Chinese inflation, Geithner contends.

Geithner's recommendations would never be accepted by the CCP.

RENMINBI wrote:

If you are coming back, keep your RMB. USD is coming down, and RMB is getting appreciated. People are talked about 20-30% appreciation of RMB at fair value.

Refer to the former.

China has more pigs than America has people.

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RENMINBI

Joined: Feb 21st, 2011
Posts: 29

Re: Converting RMB to USD

Posted by: RENMINBI on Feb 28, 2011 12:47am

"Geithner's recommendations would never be accepted by the CCP."

The most recent interest hikes, increases in bank reserve requirements. Does CCP have to kiss Geithner's toes to agree with him?

Higher interest, lower government debts, good economic growth, all point to stronger currency. And letting the currency rise is a good way to slow down inflation.

On the other hand, let's have a look at the states - growing public debts, high unemployment rates, slow economic growth. In addition, Big Ben wants US dollar to go down by printing billions of dollars... QE II, maybe III and IV.

Well, I am just putting up some opinions and facts for people to consider. If I had Renminbi, I'd keep them for next five years.

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guifengabc

Joined: Mar 12th, 2011
Posts: 9

Re: Converting RMB to USD

Posted by: guifengabc on Mar 17, 2011 1:15pm

In accordance with China's personal forex control policies, personal forex sale and domestic personal forex purchase are limited to an equivalent of USD50,000 per person per year. If forex sale or purchase exceeds this limit, relevant certificates are required.
For a foreigner in Beijing, the limit of Converting RMB to USD is USD500 one day. If u want exceed it, u should provide relevant certificates or the former receipt, or just to entrust ur chinese friends to do it for u.

ABC of T3 Capital Airport International

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admirerdr

Joined: Apr 10th, 2009
Posts: 65

Re: Converting RMB to USD

Posted by: admirerdr on Mar 20, 2011 11:57am

guifengabc wrote:

In accordance with China's personal forex control policies, personal forex sale and domestic personal forex purchase are limited to an equivalent of USD50,000 per person per year. If forex sale or purchase exceeds this limit, relevant certificates are required.
For a foreigner in Beijing, the limit of Converting RMB to USD is USD500 one day. If u want exceed it, u should provide relevant certificates or the former receipt, or just to entrust ur chinese friends to do it for u.

You can buy upto USD5,000 single transaction at ICE COMMERCIAL SERVICES BEIJING ( Money Exchange ) BCIA T3, if Exchange rate and Transaction Fees are not an issue !

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guifengabc

Joined: Mar 12th, 2011
Posts: 9

Re: Converting RMB to USD

Posted by: guifengabc on Mar 22, 2011 12:36am

Also you can buy upto USD10,000 single transaction at ABC(Agricultural Bank of China) BCIA T3 through a chinese friend, and no commission or any fee.

ABC of T3 Capital Airport International

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XuDuo777

Joined: Sep 21st, 2010
Posts: 777

Re: Converting RMB to USD

Posted by: XuDuo777 on Mar 22, 2011 8:54am

Thanks for the info, guifeng, I'll definitely check it out.

As to the pissing contest: Here's a chart on the rates. Look at the 6 month period. Then do the math.

For the last six months, you have been getting more dollar for your RMB. So no, I wouldn't be eager to convert.

ALL SHALL FALL

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FreeRadical

Joined: Aug 27th, 2008
Posts: 1,518

Re: Converting RMB to USD

Posted by: FreeRadical on Mar 22, 2011 10:08am

RENMINBI wrote:

Yeah, I forgot. You are probably an English teacher in China, right? You just need to find the word "appreciation".

http://www.reuters.com/article/2011/01/14/us-usa-china-geithner-idUSTRE7...

Hey Bozo...in fact ..thats NOT what the article said...it said" China would do well with recognizing and countering....blah blah blah...speculation and opinion...get your wording right....and yes he might be an English teacher in China...maybe he can give you a few lessons in comprehension and how you convey the wording of you're message to your readers....

STFU already...