Trump Has Gotten China to Lower Its Tariffs. Just Toward Everyone Else.
- Thread starter Nighthawk
- Start date
You must have went to the boca bash in april and the sun did something to you??
Nothing they give as numbers is true... Nothing! Even when shit is going down, they massage the numbers to make them seem less bad then they are, only idiots like you who want to believe china isn't doing as bad as it is, will actually believe the fake numbers... Foreign Reserves of 3 Trillion US but you can't withdraw US Dollars anymore ? Don't say no dipshit, you can't withdraw US Dollars in china anymore, it's definitely confirmed. How bad must it be... Collapse bad!
Really? How do you think all those Chinese tourists spend non RMB all over the world? Hardly any country outside of China accepts RMB
This is interesting and very recent (3 days ago)
https://www.chinalawblog.com/2019/0...om-china-where-have-all-the-dollars-gone.html
.......Chinese would-be investors in U.S. ventures are finding it exceedingly difficult to get money out of China, even their allotted USD $50,000 in foreign currency each Chinese national is permitted to transfer out of China, according to China’s State Administration of Foreign Exchange. But in practice, such applications are being more closely scrutinized by China’s ever-present bureaucratic machine, and even China’s elites, like the former central bank adviser, Yu Yongding, are being denied access to foreign currency. That means your prospective Chinese investor or business partner (or customer who owes you money for your raw inputs, such as U.S. timber) may not be able to get you those U.S. dollars you have been waiting for any time soon, no matter how well connected they are.
Why is China holding onto U.S. dollars? China needs to maintain its foreign exchange reserves (largely held in dollars) for several reasons. One of the primary reasons is so China can continue to fund its global export machine that does business in U.S. dollars with the rest of the world. Chinese exporters buy their raw inputs in U.S. dollars, so China’s central bank needs to keep sufficient foreign exchange reserves to facilitate those transactions. A second reason is that to the extent China can keep U.S. dollars out of circulation, China can artificially keep its currency value low against a stronger U.S. dollar, which makes its exports more affordable to the U.S. and to the rest of the world. China holds more than $3 trillion in of its assets in a foreign currency, which equals approximately $2,142 per capita in China’s 1.4 billion population (in comparison, the U.S.’ $126 billion in foreign exchange reserves equals approximately $385 per capita in the U.S.’ 327 million population). China’s currency restrictions are not new. These restrictions are an integral part of China’s economic policies under which China wants to keep its yuan valuation at 7:1 compared to the U.S. dollar. China can also use its foreign currency holdings to buy up yuan when others are trying to dump it, to keep the yuan from freefalling in foreign exchange markets due to concerns like a trade war or ongoing economic restrictions or sanctions.....
Yes there is anecdotal evidence of it becoming harder to move foreign currency out of China. But the reason is definitely not that Chinese exporters have a harder time attaining financing. Nor is it because of a lack of ample usd reserves. Almost all major exporters have financing facilities with Chinese and international banks. So far there is no evidence that Chinese exporters are dealing with a lack of dollar supplies. China's usd reserves have decreased but are still at incredibly high levels. Chinese tourists spend in aggregate the most in the world, close to 260 billion usd per annum in 2017. None of them had trouble converting their Rmb into foreign currency. It does not matter whether those entities/tourists converted their rmb domestically or internationally because rmb ultimately always flow through the PBC. If a Chinese tourists converts rmb abroad then that local bank exchanges its rmb for local currency with its own central bank which in turn trades those rmb with the PBC against that foreign central bank's currency via the BIS.
There is a lot of biased reporting out there that claims that China is running out of foreign currency. Nothing could be further from the truth. It still holds around 3 trillion USD in reserves. The amount of pressure on PBC is completely blown out of any proportion compared to what the Fed went through in 2008 or 2009.
There is a lot of biased reporting out there that claims that China is running out of foreign currency. Nothing could be further from the truth. It still holds around 3 trillion USD in reserves. The amount of pressure on PBC is completely blown out of any proportion compared to what the Fed went through in 2008 or 2009.
Nope but I don't need to go to the bash to have the sun do me in.
Anyway Boca is for trading/sleeping (sometimes at same time
) but Delray is where it is at when neither are taking place.Soooo you can't believe the numbers when they are good and you can't believe the numbers when they are bad buuuuuuuuuuut you can believe that it is not possible to withdraw US dollars in China even though not a single multinational corporation has complained about it. Gotcha.
Can you believe a May 6th, 19 Business Times article that says the daily limit for individuals is 3000 friggen U.S. Dollars. Daily limit!!!!!!!!! Oh the poor citizens.
https://en.businesstimes.cn/article...quietly-lowers-us-dollar-withdrawal-limit.htm
Meanwhile I have far greater disbelief about what nonsense our gubmint spews forth ... tweet by tweet.
You can't withdraw USD anymore, it's been quite a few weeks, a lot of people panicking in Vancouver, big mortgages big leases no more money... Friend's dad just went to Shandong, confirmed it when he came back. Anyone that says you can withdraw USD in china right now is a liar
Total crap you are spouting here. Maybe your friend's dad is a criminal who got his shady ways to move money out of the country shut down by the authorities. Vancouver should never have that many wealthy Chinese who bid up the market in the first place, almost all that money was moved out of the country illegally.