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China2
Joined: 04 Jun 2015
Posts: 56
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 Posted: Sun Aug 23, 2015 4:23 am Post subject: Chinese economy |
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| I am wondering how the stuttering Chinese economy is affecting or will affect the ESL market, or the general mood there. Any ideas? |
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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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| Posted: Sun Aug 23, 2015 7:31 pm Post subject: |
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| The devaluation of the RMB against Western currencies is probably a more immediate issue. |
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thechangling
Joined: 11 Apr 2013
Posts: 276
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| Posted: Mon Aug 24, 2015 12:55 am Post subject: |
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| Non Sequitur wrote: |
| The devaluation of the RMB against Western currencies is probably a more immediate issue. |
Yeah, what he means is the salary in China just got better! |
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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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thechangling
Joined: 11 Apr 2013
Posts: 276
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| Posted: Mon Aug 24, 2015 1:14 am Post subject: |
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Well, i transferred a good wad over from CNY to NZD a couple of weeks ago at a rate (about 24) I've never seen before so that's why I though devaluation might be a good thing (allegedly it isn't).
What will happen when the RMB eventually floats? Will it appreciate or devalue against western currencies? I wait with baited breath. |
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JamesD
Joined: 17 Mar 2003
Posts: 934
Location: "As far as I'm concerned bacon comes from a magical happy place."
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| Posted: Mon Aug 24, 2015 1:22 am Post subject: |
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| thechangling wrote: |
| ..........the salary in China just got better! |
Sarcasm? It's actually worse. Last month 1 USD would cost you 6.2 RMB, today 1 USD costs 6.33 RMB. When the yuan devalued it meant the dollar got more expensive. Today you need more RMB to buy the same amount of foreign currency.
Not a huge difference unless you're buying thousands of dollars. |
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buravirgil
Joined: 23 Jan 2014
Posts: 967
Location: Jiangxi Province, China
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| Posted: Mon Aug 24, 2015 1:30 am Post subject: |
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| thechangling wrote: |
| I wait with baited breath. |
Ewwww...🎏 |
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Markness
Joined: 30 Dec 2009
Posts: 738
Location: Chengdu
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| Posted: Mon Aug 24, 2015 1:32 am Post subject: |
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| As a canuck it doesn't really impact me too much. Actually our dollar is tanking harder than the RMB, haha! |
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JamesD
Joined: 17 Mar 2003
Posts: 934
Location: "As far as I'm concerned bacon comes from a magical happy place."
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| Posted: Mon Aug 24, 2015 1:36 am Post subject: |
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| buravirgil wrote: |
| thechangling wrote: |
| I wait with baited breath. |
Ewwww...🎏 |
He's just fishing for compliments. |
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buravirgil
Joined: 23 Jan 2014
Posts: 967
Location: Jiangxi Province, China
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| Posted: Mon Aug 24, 2015 1:42 am Post subject: |
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| JamesD wrote: |
| He's just fishing for compliments. |
Angling for complements ⥿ |
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creeper1
Joined: 24 Aug 2010
Posts: 481
Location: New Taipei City, Taiwan
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| Posted: Mon Aug 24, 2015 7:16 am Post subject: |
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Just this morning there was another big fall in the Shanghai stock market.
My guess is it won't affect us too much as Chinese parents will sacrifice for their kids education. |
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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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| Posted: Mon Aug 24, 2015 9:31 pm Post subject: |
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| thechangling wrote: |
Well, i transferred a good wad over from CNY to NZD a couple of weeks ago at a rate (about 24) I've never seen before so that's why I though devaluation might be a good thing (allegedly it isn't).
What will happen when the RMB eventually floats? Will it appreciate or devalue against western currencies? I wait with baited breath. |
I've heard of situations where an individual bank a bit overinvested in a currency will come up with a rate that is better than normal. This is just to get their holding (NZD in this case) back to the desired level.
Maybe you just got lucky on the day 
If you don't remit money home you should be unaffected. If you run a car you may find gas more expensive but oil prices have been low anyway. |
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JamesD
Joined: 17 Mar 2003
Posts: 934
Location: "As far as I'm concerned bacon comes from a magical happy place."
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| Posted: Tue Aug 25, 2015 1:57 am Post subject: |
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Online exchange rate this morning is 6.4 RMB <--> 1 USD.
Sell them bucks while you can. |
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rioux
Joined: 26 Apr 2012
Posts: 880
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| Posted: Tue Aug 25, 2015 4:36 am Post subject: |
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| JamesD wrote: |
Online exchange rate this morning is 6.4 RMB <--> 1 USD.
Sell them bucks while you can. |
Do you think it will go to 6.5 or higher? |
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JamesD
Joined: 17 Mar 2003
Posts: 934
Location: "As far as I'm concerned bacon comes from a magical happy place."
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| Posted: Tue Aug 25, 2015 6:38 am Post subject: |
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From 6.19 a week ago to 6.41.
Wouldn't be surprised at 6.7+ before it's all over then a very slow recovery to 6.5 or so. An economics-minded friend of mine says this is really a series of knee-jerk reactions and this adjustment would have happened anyway (at a much slower pace) over the next few years.
Personally? When I first came here it was hovering around 8 RMB to the dollar. Can't complain. |
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