It’s just my luck that now I’m working in the UK they value of the Pound to Renminbi has fallen over a third in a little over 3 months. It always used to be around the 15yuan to 1 pound mark, so that 100 yuan was about 7 pounds or so. :clown:
But now 100 yuan is worth less than 10 pounds…I saw a dodgy bureau-de-change in Chinatown offering 8.9 to the pound!! :no:
This makes China suddenly seem that much more expensive! Exporters must be feeling the pinch with this kind of strengthening in RMB – Likewise Chinese salaries don’t seem as poultry as they once did. Personally, I don’t think the Pound will get back to 15 anytime soon, with interest rates here being so low and the economy apparently about to implode… As long as the Yuan is pegged to the US Dollar, and the Pound stays weak against the Dollar this will continue.
Don’t think I’ll be going back to China until the exchange rate gets better! :beatup: