Chinese yuan

Discussion in 'Currencies' started by holycreation, Dec 31, 2010.

  1. holycreation

    holycreation New Member

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    should i invest in it? get a bank account started there?

    as the world's currency war begins the chinese manipulates heavily down on their currency. while maybe in the meanwhile they are buying up so much Gold and dissipating Precious metals to the general public.

    i dont know if one day they might get involved in the NWO New monetary policy. but i reckon they might correct it someday to its worthy value. please discuss..wanna hear some opinions ~
     
  2. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    I was listening to the ABC this morning,Mongolian currency is the way to go.
    Mongolia was number 1 & Aus was second for the best performing currency in the past year:)
     
  3. perthsilver

    perthsilver Member Silver Stacker

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    I heard that too. They are also huge in mining.
     
  4. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    I first stumbled onto the undervalued renminbi in 2007 when offered to be paid in any currency I liked by a multi-national company while working over seas. It would've been a great deal, the WTO were investigating the Chinese currency all I had to do was hold my salary in an O/S account for a few years until the Yuan manipulation ended and I would've 'made' an over 30% gain on every $ I had saved. As it was, the job was in Dubai and I refused to take the offer.

    Like I said, that was 2007, what's happened since?

    1) They've continued to print more and more currency (rather than extinguish it's trade imbalance on the FOREX...that's called cheating) and continued the downward slump of the Yuan.
    2)They're telling their own people to buy PM's rather than hold cash, (that's how little they trust their own currency).
    3)They're heading for a showdown with the US over Korea which the US will use as an oppourtunity to default on their Chinese debt/bond obligations ... (US debt is pretty much the only thing giving the Yuan some credibility).

    How long do you expect to hold your money in Yuan until it corrects? It's expected to go up by ~30%...but still hasn't after 4 years. Silver though, has gone up by ~100% in 12 months. Gold is set for a doubling or tripling in the next few years as the US debases it's currency and the Euro is set for collapse. (As pointed out on Keiser Report No 108, The nations in the Euro zone can't print their own money, only the central commitee in Brussels can do that ergo, the PIIGS are going to destroy the Euro)

    And lastly would you trust your money to be safe in the hands of a chinese banker?
     
  5. hanrahan

    hanrahan New Member

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    But cold!!!!!!
     
  6. hanrahan

    hanrahan New Member

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    I think Claw makes a lot of sense.

    How do you open a Yuan a/c? It is not a freely traded currency.
     
  7. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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  8. holycreation

    holycreation New Member

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    im heading there in a couple months. wanted to open a bank account there so i can do some local online shopping as well. for trading and selling etc.

    so i was looking into some opinions about their currency.

    but that is a point...thanks clawhammer.

    sometimes i just wonder if this Fiat is to end. What happens to all the currencies of the world.

    would it be destroyed? or they will set GS:fiat ratio....to make it value backed again~
     
  9. spets1

    spets1 New Member

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    I'm thinking CNY will be going up. Reasons:

    BRIC have started to trade in their own currencies between each other, dumping the dollar.
    China is giving out debt in CNY to other countries
    CNY has been undervalued for a while because of currency suppression.
    China has been buying gold and silver by the tonnes and has allowed its citizens to invest into gold

    but who knows...
     
  10. gnik1

    gnik1 New Member

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    just read this
    http://www.smh.com.au/business/china-in-global-currency-bid-20110211-1aqpc.html
     
  11. Guest

    Guest Guest

    I only invest in Gold and Silver.

    I have absolutely no faith in any fiat currency, full stop.

    I know it's something we all know anyway, but I find the notion of holding worthless paper in hand over silver or gold (unless you absolutely have to) somewhat disconcerting.

    This might be a speccie's play with Chinese yuan, but in the midst of a currency war? Man, you really have to have a pair to want to wade into the middle of that with your hard earned willingly!
     
  12. gnik1

    gnik1 New Member

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  13. downer

    downer New Member

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    Its not that easy in my experience.

    You will need to show you have a job in China, and its best to have a local help you do it. At least, that is my experience :)

    As for how you can trade the currency / send between accounts, im not sure. I withdrew all my Yuan before i left because my FX provider didnt offer transfers.

    Most online places in china are in mandarin (okay if you speak and write the language well). I found online shopping a pain. Google translator can get you into trouble when typing in orders, address etc.

    If your in Beijing go to the gold and silver market, level 2 (up the escalators, back corner) in Caishikou Department Store (also called Cai Bai department store). Funny to watch people buy kg bars of gold like they are candy bars.
     
  14. Guest

    Guest Guest

    I have both the Gold and Silver clips for Chinese citizens in my youTube faves which I roll out now and again when people scoff at the notion of PM investment taking off there, but I absolutely agree with them.

    China KNOWS this is a currency war and it's a race to the bottom. You notice how the US government isn't recommending the same thing to it's own citizens?

    That complete lack of duty of care to those you represent show clearly where this is all going to go.

    Considering China holds the bulk of US debt, considering they are using US dollars to buy up commodities world wide, Considering chinese citizens are warming strongly to accelerating gold and silver demand to store value and considering China has more room to grow, it's pretty obvious to say the west is sinking and it'll lead to either war (I hope not) or a west in shambles and decay.

    I think if you look at the Australian climate in terms of net prosperity of it's citizens and standard of living which has steadily declined over the last decade or two, the trend is pretty obvious, isn't it?

    The west is being sunk by it's own greed and rationale of assumed self entitlement to really see the rug being ripped out from under it.

    Whilst we can stand up and rejoice at our assumed 'wealth', it's really all illusionary for the most part and yet, the idiot sheeple won't even wake up and realise it until they're studying it in a history book.

    Damn fools.
     
  15. Dynoman

    Dynoman Active Member

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    I wouldn't invest in the Yuan. To risky. If there's a popular uprising in China as in Egypt it could demolish the economy.
     

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