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RMB Vs HKD / USD

  1. #1

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    RMB Vs HKD / USD

    I am new to Currency market. So pls ignore if you find this silly.

    I have seen RMB price fluctuating against HKD and appreciating. hence looking like RMB price is market driven.

    I remember US was asking China to appreciate it currency, If RMB is decided by market, why US was asking China to appreciate its currency?

  2. #2

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    There's some history at Wikipedia:

    Renminbi - Wikipedia, the free encyclopedia

    In short it's not completely market driven, but rather has some room to float.

  3. #3

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    Technically it's known as a crawling peg. Current wisdom is that the RMB will be allowed to appreciate by 5% a year against the USD. However this is just speculation and no guarantee.

  4. #4

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    RMB will be allowed to float if we still have a fiat system. But some experts on money and economics see the US will be backed by a gold again in the next 5 years.

    If this is the case, USD must has been crashed. My reason is this, the rest of the world is holding more than 40% or more of the USD, treasury. If USD is backed by gold again, all of the foreign country holding the dollars will exchange the worthless USD for gold.

  5. #5

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    But gold is just as artificial as greenbacks. It has no inherent value whatsoever. Back the dollar by oil or wheat (for example) and it would make a lot more sense.

  6. #6

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    Gold and silver have value. It has been money for thousands of years. Of course, value need to be determine by the free market. Example, if you are in the middle of a desert and dying of thirst, you will trade a ton of gold for a cup of water.

  7. #7

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    hehe, I have Jap yen ( cold cash ) and want to change them into Euro.
    What would be the best way, bank or Berlin ?

  8. #8

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    @traderwu,

    So how is that any different from a piece of paper whose value is determined by the free market?

  9. #9

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    Quote Originally Posted by Morrison View Post
    hehe, I have Jap yen ( cold cash ) and want to change them into Euro.
    What would be the best way, bank or Berlin ?
    Roughly how much? And how much would it cost you to get to the nearest branch or your bank vs getting to Berlin Exchange? For a few hundred Euros the saving from going to Berlin isn't likely to be much more than the cost of getting there.

  10. #10

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    100k, roughly thousand Euro, I was more curious about the rates and fees.
    Travel costs to Berlin, (THE Berlin in HK, not Berlin in Germany, to be precise)
    can be left out of the equation as I can combine it with other pleasures.

    And is Berlin "trustable" ? I mean any prob. of getting fake notes ?
    Last edited by Morrison; 12-09-2011 at 07:30 PM.

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