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Clara
2011 Aug 9, 2:23pm
Allegedly, China government is a bunch of crooks who live by their lies. I will never trust my money with their government or their banks. Fucking 30 years ago, we want to kill them communists pricks, now we want to depend our financial futures on them, what the fuck?!
Never mind that China Govt is a bunch of crooks...can you tell the difference between real Yuan vs fake.
Sep 9, 2009 – Police have seized 684 million yuan of fake banknotes and ... $26m fake banknotes seized in China 3619 suspects arrested for fake notes ...
Goal is to diffuse criticism of closed capital markets.
It's a shitty deal. The interest paid is well below their inflation rate. I'll take 1% on my USD thank you very much.
It's still an EXTREMELY closed, controlled economy. Outsiders can't own land, or most stocks or bonds. The only reason China can own so much treasury debt is we let anybody buy it. China does not offer the same openness.
Goal is to diffuse criticism of closed capital markets.
It's not as closed as what you might think. There are things they outright block. A foreign company cannot open up and make weapons. But they have no problem with other goods. You don't pay taxes for three years and for awhile you could daisy chain companies to spin off and then end to get six or maybe eight years off of it.
Most do not want to work for Chinese companies they want to work for more western once since they are known for OT, vacation, sick time etc.
In terms of owning stocks and bonds well an argument can be made that even in the west we don't own land since we have to pay taxes on it. Hong kong was just a 99 year lease that ended..the government does not have that much control over things day to day..there's just way too many people and the country is too large to try to police everything.
It's funny because they just caught people in HK smuggling apple products to the mainland..it's on the same level of buying tobacco from reservations in the US.
American in Japan
2011 Aug 30, 10:20am
Actually, I currently have no Chinese yuan myself, just in case anyone was wondering (and haven't for years).
Heraclitusstudent
2014 Apr 1, 9:11am
That they are crooked, socialists, fascist slavers is irrelevant.
What you need to know about investing in the Yuan is this:
> M2 money supply rose 13.6 percent from a year earlier, the central bank said.
(assuming you believe them). (and that's a credit crunch in Chinese terms).
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It will be interesting to see if this currency is made more available in the US (from currency exchanges to foreign currency savings accounts).
http://blogs.forbes.com/robertlenzner/2011/01/12/you-can-now-buy-chinese-yuan-in-new-york/
http://consumerist.com/2011/01/you-can-now-open-a-chinese-bank-account-and-invest-directly-in-yuan.html
http://www.marketwatch.com/story/china-to-boost-yuan-to-fight-inflation-rhodes-2011-04-12
Has anyone had any experiences trying to buy this currency in the US?
#investing