Chinese RMB rates.. - Page 161

Tango6six · #**2401** 18-10-2010, 01:40 AM

I believe moneychanger really run out of RMB, knowing S$ will continue to rise, they will rather hold on to S$ rather than US$ or RMB$. They make money from the differences in buying and selling rates. Since the rate passes S$1 to RMB5, many local and chinese are changing. But for money moneychanger, they are making losses, especially those that held many RMB.

coolmanks · #**2402** 18-10-2010, 09:48 AM

Agreed with you the differences between the TT rate and currencies rate used to be about 0.05 only.
And the TT rate used to be very closed or just one or two cents below the market or inter bank rates. Now the TT rate is more than 5 cents below the market rate.

Like the other day - market rate 5.15, TT is 5.09 and cash is only 5.02.

Why? I do not want to bother, as it is too complex for oldpek like me ;

But clearly if you are going to China tomorrow, do not bother to change cash, just charge to your credit card or use your ATM card to withdrew cash.
As most Credit card or ATM, rates is around 10plus cents below market rate only.

Quote:

Originally Posted by jc_wtc

Hi Bro's

Wondering someone may share why the RMB in cash does not went up.

I'm been monitoring the RMB rate with the remittance rate. Always there is different in 0.05.

For example, if the remittance is 5 then the RMB Cash should be ard 4.95.

Why recently the RMB cash does not goes up but the remittance seems going up.

Like yesterday, the remittance is 5.09, and RMB cash happen to be 5.02.

Is it somehow the money change keeping the stock.

Regards

krazyMe · #**2403** 18-10-2010, 11:52 AM

Simply the demand for RMB is high in sg. Most people have that idea that RMB will eventually strengthen against USD or SGD, so quite alot of them are changing to RMB.

jc_wtc · #**2404** 18-10-2010, 03:59 PM

Hi Bro Coolmanks,

Thanks for sharing info.

Will be going to SZ this fri by tiger.

I had already change some in hand quite some RMB but as u say, i may sign credit card instead using cash as small amount signing make no different. Better keep cash for future use.

Regards

bete · #**2405** 18-10-2010, 07:23 PM

Quote:

Originally Posted by krazyMe

Simply the demand for RMB is high in sg. Most people have that idea that RMB will eventually strengthen against USD or SGD, so quite alot of them are changing to RMB.

ya usd sure drop, but but both sgd and rmb going up now, and really dont know which one will be stronger in the future ..... difficulty to say ...