Chinese RMB rates..

[Tony Stark]

Originally Posted by coolmanks

Cartel at PPC have broken down, rate are not the same anymore. Today rate varies between 4.53 to 4.54. Interbank rate now is only 4.42

At the time of your posting (around 4am), it is possible to guess what is the rate going to be in the morning. RMB against USD is very stable. What you should do is to look at how SGD was trading in NY and you will roughtly know what the rate going to be next morning.

I believe rates on 25/03/09 are not as good as the day before.

[adidas88]

Originally Posted by Tony Stark

I believe rates on 25/03/09 are not as good as the day before.

u think u r fortune teller or wat ??

[teobeipio]

AMK Hub today 450.00 .

[ken0404]

This afternoon PPC range 4.51 ~ 4.52

[Aokang]

Sharing my experience of having a RMB savings account in China

The RMB has appreciated steadily against the S$ for the last one year from about 5.15 to 4.51. Given the high GNP growth rate of China, hugh trade surplus and pressure from the US, this trend is likely to continue. Since deposit rate for S$ is near zero, I decided to open a savings account with the Bank of China(BOC) when I was on vacation in Shanghai last year. To my surprise, just about anyone could open a rmb bank account in China with a passport, a local address(your hotel room) and 100 rmb.

The savings account comes with a passbook, a 长城Great Wall debit card and a e token for internet banking. Within the same city, one could withdraw and deposit via BOC atms. Outside of the city, withdrawal is allowed from atm but deposit has to be made over the counter with personal identification. It seems most atms have a limit of 2.5k rmb per withdrawal but I believe the limit for over the counter withdrawal from the same bank is very high(20k?). Any samster got any idea what are the daily withdrawal limits for atm and over the counter? The debit card could also be used to settle restaurant, massage and ktv bills in places where Great Wall debit cards are accepted. However, my friend in China cautioned me to use the debit card selectively to prevent cloning. A small fee of 10 rmb is charged for each withdrawal made outside of Shanghai and for deposit, the fee is 5 rmb.

Since the rmb is not a freely convertible currency, one cannot remit rmb from banks in Spore to an account in China. All remittances will have to be made in either S$ or US$. A Chinese national would have no problem in converting the foreign currencies to rmb in China. On my recent trip to Guangzhou, I tried to convert some S$ which I have in my account and the request was rejected. I was told I have to do this personally at the Shanghai branch where the account is kept. Could Samsters advise whether Western Union or the P Park agents could make the remittances in rmb and their charges.

Lastly, one could use internet banking to monitor all deposit and withdrawal transactions involving the savings account. The list of services available over the internet is very extensive. However, these services have to be activated before one could send money over the internet to other domestic BOC and non BOC accounts.

[murali]

Originally Posted by Aokang

Since the rmb is not a freely convertible currency, one cannot remit rmb from banks in Spore to an account in China. All remittances will have to be made in either S$ or US$. A Chinese national would have no problem in converting the foreign currencies to rmb in China. On my recent trip to Guangzhou, I tried to convert some S$ which I have in my account and the request was rejected. I was told I have to do this personally at the Shanghai branch where the account is kept. Could Samsters advise whether Western Union or the P Park agents could make the remittances in rmb and their charges.

those PP agents can make remittances to your account and they charge a fee of S$18 per transaction

as your bank atm card has the 银联 sign it can be used at shops that allow swiping of cards, the equivalent of our NETS in sillipore

thanks for the detailed intro

[teobeipio]

AMK Hub today 445.00.

[Tecumseh]

Originally Posted by teobeipio

AMK Hub today 445.00.

Getting lower

[ALI PaPa]

AMK Hub today 445.00

[binbin81]

1 Singapore dollar = 4.55114914 Chinese yuan

a surge up from yesterday reference point.

[adidas88]

Originally Posted by binbin81

1 Singapore dollar = 4.55114914 Chinese yuan

a surge up from yesterday reference point.

... ... wow, that's a big jump ..
hopefully it keep jumping like this ....

[binbin81]

Originally Posted by adidas88

... ... wow, that's a big jump ..
hopefully it keep jumping like this ....

Yes , i does affect cash king a lot since he xchg big bill

[murali]

Originally Posted by binbin81

Yes , i does affect cash king a lot since he xchg big bill

he dun need to xchange, go there n take from his china branch mah

[binbin81]

Originally Posted by murali

he dun need to xchange, go there n take from his china branch mah

Also need to change lah. Over there dont really accept SGD

[adidas88]

Originally Posted by binbin81

Also need to change lah. Over there dont really accept SGD

Originally Posted by murali

he dun need to xchange, go there n take from his china branch mah

u 2 beary goot har ... gang together and suan me ...
liddat goot meh ???

but on a serious note ... it's better to change rmb in SIN and also make sure u bring 2 bank cards alone ..
i almost have a shock in my last trip when i tried to use my bank card .. it didn't work ...
but fortunately .. when i tried it again the next day it work ....
else i'll have to sell backside in china leow ...