Job Discussion Forums

Minhang Oz · Joined: 23 Apr 2003 Posts: 610 Location: Shanghai,ex Guilin

Thanks for putting that debate to bed Owen. I must admit,reading all of my FE Certificate hadn't occured to me-any other worthwhile gems in there?

MW · Joined: 03 Apr 2003 Posts: 115 Location: China

The law of China permits a 70% of rmb conversion to foreign currency.

FAO Directors may limit the amount if they wish to use some of your capacity to exchange money for their own travel etc. This was an old complaint about Delter and Bing Liang.

There is always black market exchanges so there is no need to go home with rmb in your pocketr unless you want to hold it as a momento or sell it back home as a collectors item.

Usually, your rmb salary will dissappear in China as it is more expensive to LIVE here than to exist so that you can save.

noyb · Joined: 22 Feb 2003 Posts: 93

JamesD · Posted: Sat May 03, 2003 3:57 am Post subject:

Owen · Posted: Sat May 03, 2003 5:31 am Post subject:

noyb · Joined: 22 Feb 2003 Posts: 93

China Merchants Bank is relatively new and not one of the "Big Four."

At least in Guangzhou, in China Construction Bank, ICBC and Bank of China, you have one book which holds multiple currencies. It used to be that you had a different book for each type of currency, but with CCB and ICBC it is totally impossible to do that when you open a new account now in Guangzhou. Bank of China, I think, might still give you the option.

You must withdraw your money in the same currency as deposited unless you specifically indicate that you are exchanging the foreign currency in your account to RMB.

MW · Joined: 03 Apr 2003 Posts: 115 Location: China

NYOB -

"doubtable"? Maybe to you but not to those at Delter who claim to have gone through the experience.

noyb · Joined: 22 Feb 2003 Posts: 93

MW · Joined: 03 Apr 2003 Posts: 115 Location: China

NYOB -

In the law profession they say if the facts are against you, argue the law. If the law is against you, argue the facts. If the facts and the law are against you, insult your opponent.

When you reduce your argument to personal insults you demean yourself.

I was at Delter Wuhan during the "bad" old days and have personal knowledge of what transpired there so please do not try to belittle my personal knowledge with your childish insults.

As to wether or not pigs could fly if they had wings, such a discussion is beneath both of us.

MW · Joined: 03 Apr 2003 Posts: 115 Location: China

NOYB -

In the law profession they say if the facts are against you, argue the law. If the law is against you, argue the facts. If the facts and the law are against you, insult your opponent.

When you reduce your argument to personal insults you demean yourself.

I was at Delter Wuhan during the "bad" old days and have personal knowledge of what transpired there so please do not try to belittle my personal knowledge with your childish insults.

As to wether or not pigs could fly if they had wings, such a discussion is beneath both of us.

I accept your criticism of my poor typing!

noyb · Joined: 22 Feb 2003 Posts: 93

You have presented neither facts nor law.

Citing one supposed example of an FAO somehow taking advantage of a foreign teacher on currency exchange policy in no way, following long established rules of logic, has applications to what transpires at the *thousands* of other FAOs throughout the country.

In addition, the fact that many of the thousands of other FAOs in China are totally unrelated to those foreign experts who are ESL teachers further erodes your implications.

MW · Joined: 03 Apr 2003 Posts: 115 Location: China

Unfortunately I use the Columbus method of typing, eg. hunt and land.
Two fingers, one from each hand, searching for that elusive key to press or punch. Sometimes we explorer types land in surprise places, unintended and usually surrounded by uncharted waters. I am a terrible typist. Along with this comes spelling mistakes.

No I rarely take the time to go back and read my own writing or to proof read. You get it as it comes out on first draft. Just call it laziness on my part.

What you will not see is personal attacks or insults. We should all be more mature than that in this forum and frankly I am surprised by the amount of it that the monitors allow. I ran a test on them and it took a lot to get them to move and delete a message.

Theyt are very tollerant but I wish they would clamp down on the personal attacks. They simply are not productive![/quote]

noyb · Joined: 22 Feb 2003 Posts: 93

arioch36 · Joined: 21 Jan 2003 Posts: 3589

Well, at the risk of being a deviant and returning to the thread...

NYOB, misunderstood you. I thought you were implying that you had both currencies in the same account, not the same book. Whether you have both accounts listed in one bankbook or ten bankbooks, US and RMB must be in separate accounts. I prefer two separate bankbooks, one for each account. Actually I have three bankbooks, one for each account. So a miscommunication. One bankbook "keyi" Must have separate accounts, can't wihdraw more US then you put in, and the amount deposited in US must be clearly separate, or you ain't getting none US

The Law of China is not 70%. THIS IS NOT A LAW. Beijing does not put a limit. My feel of the matter is that the local provincial bureau or the top college of the province gives their input on what the conversion amount should be, and the rest follow suit. The FAO has no power in this. The school could set a higher rate, but what leader of a Chinese school is going to do his own thing?

noyb · Joined: 22 Feb 2003 Posts: 93

Yeah, I think things can get confused sometimes.

Maybe I wasn't clear. The way it works in at least 3 of the Big Four in Guangzhou now is that when you open an account in any currency you get a book which has only one account number. Let's say you open an RMB account, for example. You get the book which has your account number printed on it.

Then, when you go in to deposit, say, USD, you use the same book and account number that you got when you opened your RMB account. And when you go in to deposit, say, HKD, the same happens. You end up with one book, one account number but with three different currencies in the account.

The bank's computer system is set up to allow and manage this. But as far as the book goes, each entry (deposit or withdrawl) shows the amount and the name of the currency. You cannot exchange RMB into foreign currency. You withdraw the same currency as you have on deposit except when you want to withdraw, say USD, and you tell the cashier to give you RMB in lieu of the USD (i.e. exchanging foreign currency for RMB).

Whether or not the same Big Four banks are doing this in other provinces, I don't know. But it makes sense. I mean, the bank saves on not having to print so many different kinds of books. The customer doesn't end up with a whole library of bank books to deal with.

You know, you must be right on the 70% not being a law. The term foreign expert applies to foreign teachers and also other foreign workers in China. And I know many foreign workers that are actually paid up to 100% of their salary in foreign currency.

Your feel of the matter is probably the most accurate picture of things. Still, a family member is a foreign teacher and her first university here only allowed 50% when others were allowing 70%.

P.S. Can you tell me how to post a picture to a post. I know how to do it when the picture I want to post is on a Web site, but if it is on my hard drive how is it done? I can scan an example of a bankbook with multiple currencies within.