Chinese Yaun

[Aequitas]

Dose anybody know if the Chinese Yaun is still a good investment. I was thinking about throwing 5000 at it. Any suguestions?

[JujiTata]

I've seriously thought about the Yuan as another currency investment, but my money is tied up in other things at the moment. I do believe that the Yuan is a good investment for the future. The trick is to know or speculate when the Chinese will decouple from or weigh less heavily ( I think they are using a basket of currencies now weighted significantly towards the dollar) on the greenback. Just my take.

All the best,

JT :wave:

[joanc1963]

A short article that cleared up a few points for me. I just thought this was worth posting.

http://www.time.com/time/asia/magazine/article/0,13673,501050523-1061554,00.html
From the May. 23, 2005 issue of TIME Asia Magazine

"I see Chinese money referred to as both yuan and renminbi. What's the difference?
The latter is the official name of Chinese currency (translation: people's money). The former is the basic monetary unit, like the U.S.$1 note."

What's it worth now?
Since 1998, the yuan has been valued at about 8.28 yuan to the greenback. China's economy is booming— suggesting a revaluation upward, which is what the U.S. would like. By keeping the yuan pegged to the dollar, whose value has declined against most currencies, Chinese exports have squeezed the profits of non-Chinese suppliers.

Poor babies. What's wrong with $100 DVD players and $20 designer shirts? Nothing. But you still need a paycheck to buy them. Critics say that China's low labor costs hit employment elsewhere. Politicians in the U.S. and Europe are threatening to limit Chinese imports if Beijing doesn't increase the value of the yuan and hence the price of its exports. The U.S. last week restricted annual growth of certain Chinese imports, such as cotton trousers, to as little as 7.5%.

Will China respond?
Beijing acts in its own best interests; stability at home is what counts. And it doesn't like being lectured by the West: these guys were using paper money in the 9th century, when Washington ran on wampum. Predicting when China will act is like forecasting the breakup of Brad and Angelina—you're pretty sure it will happen, but you don't know when. Many economists expect a small adjustment of around 3-6% before the end of the year. That wouldn't much hurt either Beijing or cheapskates like you. A Chinese DVD player after revaluation: $105. Getting Washington off your back: priceless.

[Dinaress]

The latest adjustments to China's exchange rate system announced on Friday will give banks more pricing flexibility and help reduce speculation in the marketplace, the central bank said yesterday. The measures, following the nation's reform move on July 21 to adopt a managed floating exchange rate system with reference to a currency basket, "will serve to further increase the banks' capability in setting prices and effectively controlling price risks, foster fair and orderly competition among the banks and improve financial services," a spokesman with the People's Bank of China said yesterday.

http://asia.news.yahoo.com/050926/4/27wqw.html

[joanc1963]

Another interesting article on the Yuan


Yuan Watching Like Waiting for Godot: William Pesek

May 11 (Bloomberg) -- "Watch what they do, not what they say.

It's the first commandment of watching economic policy makers."

"The dollar peg is the second Great Wall of China. The first one was built in the third century B.C. to keep out invaders. The second one, the currency, was put up a decade ago to keep out speculators and protect the economy. Moving it will be a major undertaking that's as much about politics as economics."

"Revaluing the yuan also could hurt foreign retailers like Wal- Mart Stores Inc. in adding jobs to the world's most dynamic economy, at least in the short run. It's not about Wal-Mart; it's about employing more Chinese."

"Currency markets are a world of winks, nods and secret handshakes. Key policy makers rarely, if ever, say exactly what's on their mind"

[Okie]

Can anybody supply me with the name of a good Forex dealer that offers managed accounts? Any info. is appreciated.
Com'on Dinar!!!!

[joanc1963]

http://asia.news.yahoo.com/050923/3/27t6k.html



G7 to welcome China yuan steps, wince at high oil

(Updates with G7 lunch meeting with China, others; IMF statement on Iraq debt deal, adds quotes) By Mike Dolan and Francesca Landini WASHINGTON, Sept 23 (Reuters) -

China announced a surprise new move to let the yuan float more freely against major currencies other than the dollar.

"The U.S. Treasury, meanwhile, called the move a technical step on the road to a freer currency."
Reply With Quote

[Stevo]

:D "Yawn" :wave: :lmao:

[blondi]

Does Any One Have A Dependable Broker To Purchase Yuan From ? Pm Me Please !

[Stevo]

If you want to buy just a few notes try Ebay. I have a few notes from the 30's and 40's.

[Aequitas]

If anyone has a dependable broker please pm me too

[Stevo]

Look in your local Yellow Pages for Commodity Brokers. or Google FOREX..

[dinaro]

Everbank has yuan deposit accounts with a $10,000 minimum.I have a Singapore dollar deposit account and New Zealand dollar CD with them.
I trade forex with OandaFX but there are no yuan trades as of yet.I have purchased several thousand dollars worth of yuan paper money with Bank of America when the rate was at 8.3 yuan/dollar and got 7500 yuan per $1000 but it is less now.One can indirectly invest on the yuan's rise with most Asian currencies as well as commodity currencies like Aussie and Canadian dollars.

[messiah]

Look guys.......the Chinese Yaun is still a few years away from being introduced to the international market. According to one leading economist, he expects the Yuan to become a tradeable currency between 2008-10'. He also recognized that China's economy is rapidly growing; and their thirst for oil along with other natural resources is the driving force.

Although still a communist country, China's current infrastructure is becoming more and more capitalistic. It is not the China of old. Today, you have Starbucks lining the corners in addition to other corporate heavyweights Wal-Mart, McDonald's & KFC.

Based on what I've been told, the only way you can acquire the Yuan is to venture to the Far East. Please correct me if I am mistaken!

[joanc1963]

http://www.oanda.com/products/fxnews/html/fxnews.shtml

Dollar Gains as Rita Recedes & China Widens
9/23/2005 8:00:00 PM
by Ashraf Laidi

9/23/2005 8:00 pm: EUR/$..1.2045 $/JPY..112.40 GBP/$..1.7774 $/CHF..1.2917 AUD/$..0.7571 $/CAD..1.1708

The US dollar rallied across the board today on a combination of a downgrade in the strength of Hurricane Rita and a widening in the trading band of China’s currency against non-US dollar currencies. Beijing’s decision to double the yuan’s trading range against the euro, pound, yen and Hong Kong dollar to + (-)3% comes two months after its announcement to revalue the yuan by 2.1% against the US dollar and allow that rate to fluctuate by + (-) 0.3%. Since then, the Chinese currency has appreciated 0.27% versus the greenback while markets focused on the probability of further yuan appreciation against the dollar, which fed into a resulting strengthening in the Asian currencies versus the dollar.

Today’s decision was strictly related to the yuan versus non-USD currency, thus triggering the contrary reaction among FX traders vis-a-is the US dollar. The fact that Beijing took this decision a few hours before the meeting of G7 finance ministers and central bankers reflects China’s commitment to currency reform, including further yuan appreciation against the dollar. We expect China to follow up with another yuan-dollar revaluation by year end to 8.0 yuan per USD.

The receding power of Hurricane Rita dragged oil prices on hopes that the storm might miss the hub of oil refineries around the Houston area, where many had already been shut. Crude prices in NY dropped more than $2.00 to $64.19 per barrel, losing more than $6.00 from their $70.85 high reached last month.