Job Discussion Forums

oprah · Joined: 26 Apr 2003 Posts: 382

Does anyone know the current currency rate on the RMB at the moment? approximate? as I know the rate changes daily. thanks

oprah · Joined: 26 Apr 2003 Posts: 382

Thanks for the information. Another question?? I always here the currency is changed into US funds. Do they change RMB into Canadian dollars. ??

oprah · Joined: 26 Apr 2003 Posts: 382

Correction for previous posting , should be hear, not here..

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

Just use the EDIT button on your original posting!
Bigger BOC branches should change into any of the major currencies, but may require some warning to do so. I've gotten Australian $ here.

Roger · Joined: 19 Jan 2003 Posts: 9138

IF you are a legal resident in China, you can convert your RMB into any currency of your choice - Canadian dollar, HK dollar, euro, American rupee!
If they do not have it on stock, give them some time to get it for you!

gerard · Joined: 16 Jan 2003 Posts: 581 Location: Internet Cafe

Why bother with the loonie? Just get US currency and change it later. Everybody here knows somebody who will change it. Its a moot point 30% 70% doesnt matter. Change all you want---everybody gains.

oprah · Joined: 26 Apr 2003 Posts: 382

What do you mean everybody gains/?? everyone but me??

Gray000 · Joined: 14 Apr 2003 Posts: 183 Location: A better place

He means everybody gains from black market trading in a non-convertible currency. I agree - usually the rates are better.

oprah · Joined: 26 Apr 2003 Posts: 382

I was not referring to the black market on these messages, so you are saying rates on black market are better and how many deal teachers deal on the black market.. that is a gamble??

Roger · Joined: 19 Jan 2003 Posts: 9138

The Chinese black market is interesting to some extent, but profitable (gainful) only if you are a crook!
Most marketeers change money roughly like a bank, keeping a small profit margin, often less than the bank. Sometimes they offer you lesxs than a bank, plus they can't handle travellers' cheques.
And you must be careful as these guys often give out fake RMB's. The funny thing about fake banknotes in China is that you will never be punished for paying with them - everybody simply shoves them back to you once they discover you have them! This may even happen at the police station!
Once I had a 100o cruzeiros note (was that Brazilian? Forgot!), and this guy trailing me in the lobby of the Liuhua Hotel opposite the Guangzhou Railway station insisted he wanted to buy it at MARKET VALUE. I told him it was a 1000 HK dollar banknote. It had the same pink colour anyway. He finally gave me an offer of 600 RMB (for those supposedly 1000 HK dollars!), and I relented.
I did get 600 RMB alright, he got my South American money, and we both departed in different directions.
Later I noticed he was in the lobby again, this time with 'friends', obviously looking for this crooked foreigner who had sold him a fake 1000 HK dollar banknote!