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Guerciotti
Joined: 13 Feb 2009
Posts: 842
Location: In a sleazy bar killing all the bad guys.
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 Posted: Sat Jul 09, 2011 4:31 am Post subject: |
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For what it's worth, the exchange rate at LAX was 5.7 yuan per dollar. The spot rate is 6.46. That's a nice commission! This was the exchange place in the United Airlines terminal.
Unfortunately I didn't have time to check anything in the Beijing airport.
It won't hurt to wait and check the rates at your destination. I doubt the rates would be worse.
Ask your contact in China if you need any yuan up front, and how much. Otherwise, exchange at China Bank. |
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Miles Smiles
Joined: 07 Jun 2010
Posts: 1294
Location: Heebee Jeebee
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| Posted: Sat Jul 09, 2011 6:39 am Post subject: |
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| auchtermuchty wrote: |
| All forex rates are set by he central bank. The banks in China can't change them, just like the interest rates on personal savings. They don't have their own rates. |
It seems that lately (in my neck of the woods, anyway) the banks do darned near anything they want to do. |
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Non Sequitur
Joined: 23 May 2010
Posts: 4724
Location: China
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| Posted: Sun Jul 10, 2011 7:20 am Post subject: |
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The long term outlook must be a strengthening of RMB against US.
So buy what RMB you need now and wait as long as possible before selling what RMB you earn for US ie after a year or more if you sign on again for 2012/2013. |
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