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Exchange rate GBP and CNY


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Posted

Yes, it certainly seems to be rising recently - hopefully it'll keep up the trend. I guess you can never tell whether it'll drop again or not though.

  • 11 months later...
Posted

I thought the upside of having a slimy git like Cameron in Number 10 was meant to be a better GBP:CNY exchange rate. Sure I read that in a manifesto somewhere.

I got from 10.4 to 10.17 withdrawing with my Nationwide debit card in April / early May.

Posted

Usually, the more right wing the government the better the currency and share index of that country ;) However, I reckon the financial problems are so severe that whoever is in power doesn't really have much choice. Raise taxes, stimulate the economy, magic more currency out of thin air.

It seems, at a simplistic level, that there's the US$ (and all the Asian countries which follow that like sheep for some reason) and the Euro (with sterling, the CHF and other nearby currencies following that like sheep).

People think the US is coming out of recession, so the US$ and Asia rises. People think the Euro is screwed thanks to Greece, Spain, Portugal so the Euro, Sterling, Swiss Frank etc fall.

It's all a game - it's all what some rich person (with no hidden agenda - oh no) or rating agency (ditto) says. Not based on actual people working in factories or queueing up at the unemployment office.

  • 6 months later...
Posted

FYI those of you using the Nationwide card as I mention above, they're recently bumped up their rates - you now pay 2% on all non-sterling transactions, plus a pound flat fee for using an overseas ATM. Seems they're still competitive among debit cards, although there are better credit card options, including NW's own. There's a very useful 'what cards to use abroad page' on moneysavingexpert.com.

  • Like 1
  • 1 year later...
Posted

Saw this today in a 2012 look-forward piece by a guy at the Telegraph who I think is pretty good:

Since the purpose of New Year predictions is to stick one's neck out, let me hazard that China will devalue the yuan in 2012. It will export yet more spare capacity into a deflationary world, until the West retaliates and starts to turn its back on globalisation. Capital outflows will accelerate. The idea that China can rescue anybody will seem quaint.

from http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8987846/Ambrose-Evans-Pritchard-2012-could-be-the-year-Germany-lets-the-euro-die.html

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