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wOZfromOZ
Joined: 01 Feb 2003
Posts: 272
Location: Shanghai
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 Posted: Sun Jun 15, 2003 11:20 am Post subject: The RMB (and US$) dropping like a rock! |
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Having come for my 3rd stint just 18 months ago I've seen 25-30% wiped off the $AUSSIE against the rmb
but like most others I didn't come here to make my fortune ......"Hey" !!!
go with the flow mate and wait till the RMB appreciates big time ......
it'sgunnahappen but who knows when!!!!
wOZfromOZ ...HEY!  |
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Peter
Joined: 29 Jan 2003
Posts: 161
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| Posted: Sun Jun 15, 2003 10:35 pm Post subject: |
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You loose money anytime converting.
First convert RMB into HK dollar; 106 RMB into 100 HK
A year ago 40.000 HK became 12000 plus NZ
Now I need 46000 HK to make 10000 NZ plus
The reason is high interest rates as compared to the rest of the world, so NZ dollars are bought by the truckload. |
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Minhang Oz
Joined: 23 Apr 2003
Posts: 610
Location: Shanghai,ex Guilin
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| Posted: Mon Jun 16, 2003 4:24 am Post subject: |
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The central government is quite happy to see the RMB dropping with the greenback, even though its undervalued already, because it makes Chinese exports even cheaper on the world market.
And because imports are now more expensive, even the more brand and image conscious Chinese might be tempted to buy " made in China" cars, whitegoods etc.
The Oz $ has gone from .50 USD to .67 in 18 months, all of this due to the weakening US economy. Even an unprovoked, unjustifiable [except in US economic terms] war hasn't stopped the rot. |
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