I am sure the rest of the expats here in Kunming are as vigilent as I am when it comes to making ATM withdrawls.
When I went to make my usual 3000 RMB withdrawl today I noticed it totaled $480.76. This is the same rate as it was back in January 2013.
I am sure most have noticed this trend over the last few months. Although I am happy to get more RMB for my dollars I do worry about the upcoming planned collapse that will be coming and how it will affect us all.
Which US bank do you use? Does each withdrawal incur any additional fees?
Chase, yes, they have additional fees.
Oh yes, as to the collapse of the dollar, no worries. It's the only game in town as the world's reserve currency. The sheer amount of money that the planet moves around, transacts in, or saves is so staggering only the US Dollar will work. Gold, Yen, Franc, are too limited in quantities. The Euro was a viable alternative till they shot themselves in the foot a couple years ago; furthermore, the very difficult to accept, wire, and convert RMB is at least a decade away.
The current benefit you are seeing from usd-rmb rates is mostly due to markets seeing possible slowdowns in China and a small push a month ago by the Chinese central bank to squeeze out speculators in the forwards market who just kept betting the yuan would continue to appreciate.
