Here's another angle if you have the time. Let's say you had 1,000,000 yuan to send to the UK. Buy 1,000,000 yuan's worth of suitable goods for export from a manufacturer in China. Send them to the UK and pay customs. Sell the goods to a supplier/buyer (including costs) and...there is your currency with a profit. To increase profits substancially, just sell the goods directly yourself. Obviously, a bit of work invloved but no more than a part time job for a short while.
Is the problem at the bank with the transfer of foreign currency itself or the conversion of RMB into that currency prior to sending?
@Dan
For us, we transferred RMB into £ and then hit problems...
@Ocean
The rules and laws change periodically as banks are policy driven. That said once you adjust to the new rules - you should be good to go for a few years - so my dubious advice is brute force your way through the system so you have all the paperwork - and you should be good to go until the next policy change.
China's trying to make its financial infrastructures more rigorous and disciplined - although the prolific paperwork remains astonishing.
I dont believe for a minute, even a second, there been official efforts to to put brakes on outflow of cash. I believe its been unofficially encouraged and organised, and that the official statements are what they are. West, who still doesnt understand China, is of course falling for this like a big assed donkey drooling afted a juicy carrot. But I dont blame China for that, just embarrassed over Wests blatantly greedy ignorance. And stupidity.
Peter, were you sober when you wrote this?
What do you mean?
China knows very well how to play the cards, if u been in China some time, you should know it too.
Like Orwell said on Asia, theres always a plot behind a plot. He was wise enough to know it.
And money talks
maybe not in this case though.
it's very damaging to the economy when many people with money take their money out.
Like I said, I dont buy that for a second. In this case. No matter what media u read, or which politician says it.
If they wanted to block the outflow, the button is there. They got rid of opium in one year, this would take one minute. Look at it in a global perspective, see previous official statements on this issue, and put it in perspective on reality. Same as any numbers, you know, NOT telling the truth in asia, means power, right. And vice versa, saying the truth, is loosing the power. This stuff is older than Confucius himself. Yet you guys swallow the apple without biting it. Laughable. Yea, even fake Apple stores, now what else could be fake. Also Asian politics are staged theatres - but better played so, and they got a wider range of cards.
Break on through to the other side.
Mastering others is strength. Mastering yourself is true power.
The supreme art of war is to subdue the enemy without fighting.
— Lao Tzu
