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As we know, the Chinese RenMinBi (RMB) is artificially suppressed by the central bank to make export attractive to other countries. China’s growth is fueled by her exports and hence, a rising RMB will lower demand for her goods and in turn, hinders economic growth. Many months back, US has pressured China to allow RMB to appreciate. On 21 Jun 10, China finally bucked and let RMB appreciates 0.4% against the dollar. However, most analysts expect the RMB will gradually appreciates.
Now, knowing this and having some faith that the RMB would be appreciating in the future, how do you capitalise it? The obvious way for Singaporeans is to convert your Sing dollars to RMB. But because RMB is controlled, you cannot so called “buy RMB”. Bank of China (Singapore) has a solution for us. We can actually open a RMB fixed depoit account and of course, the currency is denominated in RMB. Read more...[caption id="attachment_1461" align="alignright" width="150" caption="Photo by -bast-"][/caption]
As we know, the Chinese RenMinBi (RMB) is artificially suppressed by the central bank to make export attractive to other countries. China’s growth is fueled by her exports and hence, a rising RMB will lower demand for her goods and in turn, hinders economic growth. Many months back, US has pressured China to allow RMB to appreciate. On 21 Jun 10, China finally bucked and let RMB appreciates 0.4% against the dollar. However, most analysts expect the RMB will gradually appreciates.
Now, knowing this and having some faith that the RMB would be appreciating in the future, how do you capitalise it? The obvious way for Singaporeans is to convert your Sing dollars to RMB. But because RMB is controlled, you cannot so called “buy RMB”. Bank of China (Singapore) has a solution for us. We can actually open a RMB fixed depoit account and of course, the currency is denominated in RMB. Read more...
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As we know, the Chinese RenMinBi (RMB) is artificially suppressed by the central bank to make export attractive to other countries. China’s growth is fueled by her exports and hence, a rising RMB will lower demand for her goods and in turn, hinders economic growth. Many months back, US has pressured China to allow RMB to appreciate. On 21 Jun 10, China finally bucked and let RMB appreciates 0.4% against the dollar. However, most analysts expect the RMB will gradually appreciates.
Now, knowing this and having some faith that the RMB would be appreciating in the future, how do you capitalise it? The obvious way for Singaporeans is to convert your Sing dollars to RMB. But because RMB is controlled, you cannot so called “buy RMB”. Bank of China (Singapore) has a solution for us. We can actually open a RMB fixed depoit account and of course, the currency is denominated in RMB. Read more...
May I find out if you will accept my reminbi to open a current account / time fixed deposits? I have RMB in cash and would like to put them either in current account or fixed deposit.
Please call me
92312299
paula