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Vietnam devalues currency by 8.5 percent

Jing people? Interesting. Does Finland have any of those Jings living there?

Jing people:
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Yes, the paper USD has been printed out more so than ever. Yes, the paper USD has been manipulated or being called all sort of things. But guess what, at the end of the day, it is still the currency that people want as a form of exchange for goods and services around the world. You can use your USD to exchange for any local currency where you stay but hardly would the locals accept your "Yen or Franc" as a form of exchange for their currency. Take a tour to China and see for yourself, local Chinese only accept USD as a form of exchange for their Yuan. I personally know Vietnamese people who have such a tough time traveling abroad because they can't buy the USD from local Vietnamese banks or even private businesses.

The Dong will continue to "bleed" as local Vietnamese from the State to private citizens will continute to compete each others to hoard the USD. Without the USD, Vietnam can't import a lot of stuff from oversea.

That's false. There are no stores in modern China that accept foreign currency and it would be stupid to hold foreign currency when it is continuously depreciating against the yuan. We're not Vietnam that has to purposefully lower its currency to boost exports. Our currency value has increased at 20% in the past 5 years while economic growth and exports both accelerated. If companies accepted USD and could settle accounts in China itself in USD, then there's no currency issue and no currency volatility risk to companies operating in China. Instead what we see are more and more foreign companies operating in China on RMB alone to avoid currency volatility and more and more countries accept RMB for payment settlements.
 
That's false. There are no stores in modern China that accept foreign currency and it would be stupid to hold foreign currency when it is continuously depreciating against the yuan. We're not Vietnam that has to purposefully lower its currency to boost exports. Our currency value has increased at 20% in the past 5 years while economic growth and exports both accelerated. If companies accepted USD and could settle accounts in China itself in USD, then there's no currency issue and no currency volatility risk to companies operating in China. Instead what we see are more and more foreign companies operating in China on RMB alone to avoid currency volatility and more and more countries accept RMB for payment settlements.
You don't lower your currency to boost export like Vietnam but would you mind letting the yuan float on the market and see how your export goes?

I'm not talking about stores operating in China using USD as a form of payment, I'm talking about USD as a form of exchange for the Chinese yuan if anyone who goes to China as a tourist for instance. Don't tell me the Chinese over there would accept something like the Dong in exchange for the Yuan. Same thing happens in Vietnam, we hardly take any foriegn currency other than the USD in exchange for the Dong either.

China still needs the USD as a form of payment like the rest of the world. Just think about what kind of currency China is use to pay the European companies like Beoing or Airbus, not the Yuan I believe
 
You don't lower your currency to boost export like Vietnam but would you mind letting the yuan float on the market and see how your export goes?

I'm not talking about stores operating in China using USD as a form of payment, I'm talking about USD as a form of exchange for the Chinese yuan if anyone who goes to China as a tourist for instance. Don't tell me the Chinese over there would accept something like the Dong in exchange for the Yuan. Same thing happens in Vietnam, we hardly take any foriegn currency other than the USD in exchange for the Dong either.

China still needs the USD as a form of payment like the rest of the world. Just think about what kind of currency China is use to pay the European companies like Beoing or Airbus, not the Yuan I believe

We accept the Dong. It is being traded right this moment for 10000 VND = 3.37809096733 CNY . Our forex traders are playing the Dong right now and making crazy money off predicting fluctuations.

Vietnamese Dong Exchange Rates - Asia and Pacific - Current Exchange Rates

Also, we've made deals with Japan, Korea and Russia for currency swaps to cut out the USD and avoid volatility losses. after all, volatility losses to the USD are just like a form of tax that goes straight to US.

South Korea, China, Japan Agree on Currency Swaps for Stability - Bloomberg
Russia-China Currency Deal Aims -- Sort of -- to Ditch Dollars

For paying Boeing, we use USD. For paying Airbus, we probably use Euros directly.
 
you should buy the yen or yuan instead of usd if you're currency speculating. (i know you can't buy yuan but i'm just saying)
 

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