Posted: 月, 2005-10-24 01:32 | 件名: Re:Exchange RMB for $US Dollars

I don't know about changing excessively large amounts. However, in the large cities & popular tourists spots, there are usually moneychangers hanging around the front of the Bank of China.

They will buy $US dollars for marginally less than what the bank will give you. It is best to have a Chinese speaker with you, so there are no misunderstandings.

Posted: 月, 2005-10-24 06:22 | 件名: Re:Exchange RMB for $US Dollars

I think this board to do encouage unlicenced exchange of money. However, if you do engage in these street exchange vendors, beware of counterfiet notes and pickpockets. Also the risk of getting arrested by local police.

Again, exchange your money in a reputable bank is safer, although it is more expensive. It is also legal.

My 2 cents.

Posted: 水, 2006-01-04 09:35 | 件名: China starts limited yuan trading

Article from BBC copied here due to Great Firewall 

China starts limited yuan trading

The US and others have long seen the yuan as undervalued China has launched over the counter trading for the yuan, its latest move towards a more flexible currency.

Although Beijing will still be setting an anchor or "central parity" rate against other currencies, it will now be more market orientated.

The new daily anchor rate for the yuan against the dollar and other currencies will be the average of market quotes.

Analysts said the move should see the yuan slowly rise. China has long been accused of undervaluing the currency.

Slow-paced

The US has led the calls for yuan reform, saying China had kept it artificially low to aid Chinese exports, which have surged over the last few years.

Although the yuan will now have a more realistic market value, Beijing will still only allow the currency to rise or fall by 0.3% a day against the dollar.

This fits in with China's repeated determination that it will only liberalise the yuan at a slow pace, so as not to risk any destabilising effect.

"The new parity rate is more market orientated as it is a summary from the market markers, though for the time being, it is still capped by the central bank's limit for the yuan's exchange rates," said a Shanghai-based dealer at a foreign bank.

Foreign firms

Last week China approved 13 domestic and foreign banks to act as the market-makers for yuan trading, determining its market quotes.

According to reports, the 13 banks include foreign lenders Citigroup, HSBC, ABN Amro and Standard Chartered.

Under the new over the counter trading, they will be able to conduct real-time quotes for the yuan verses foreign currencies for the first time.

China last changed the value of the yuan last summer, revaluing it upwards by 2.1%.

link

Posted: 金, 2007-11-23 19:47 | 件名: the best way is have a

the best way is have a interpreter with you .The rate always change .You can solve this issue easily if you have a Chinese friend with you:)

Posted: 金, 2007-12-14 04:09 | 件名: Frankly speaking, I stand

Frankly speaking, I stand the side of US currency.

I will change RMB to US dollar some time in the nearest future