Friday, November 2, 2007
Its All About The Maos (not Benjamins)
I have a savings account in an American bank and have been converting my income from RMB into dollars (usually on the black market) to occasionally send home and deposit. I did a few minutes of personal accounting today, and I realized that I could have made huge gains if all of my money was still in Chinese RMB. Since I arrived the exchange rate has changed from 8 RMB a dollar to 7.5 RMB a dollar - that's huge. From now on, I am putting all of my salary into the Bank of China, and putting my future into one of the world's most unstable banking systems -- yikkes!
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