Discussion » Beijing Life » Chinese currency

  • Chucho Castillo
    Chucho Castillo wrote:

    A few days ago I had the pay to rent of my apartment and hence I had to to withdraw some money from the ATM. After I got the amount to be paid in a lot of bills I wonder why chinese currency does not have any 1,000 or 500 bill... they would be really useful. Is it just because chinese people like to have a lot of bills in their wallets or is it because any strange policy from the goverment?

     

    What do you think?

  • Minger
    Minger wrote:

    I think it's just because the party is too lazy to develop a new type of bill.

    China's not the worst. Things in Korea cost quite a bit more than they do in China, but the highest bill there at 10k won is only worth about 70 RMB.

  • Lanyan
    Lanyan wrote:

    Actually in Beijing such rent is not high, especially for western foreigners, my rent is RMB 1300/month, equally 175 US.

  • Joakim Lund Rangel

    " Personally I think 1,000 or 500 bill in rmb for now might trigger serious inflation. "...is untrue, and to compare 100USD bills with a 100RMB bill..neh.. At least China should have 500rmb bills.

     



  • Minger
    Minger wrote:

    China should have personal checks so that we don't have to carry bricks of cash around.

    I wonder, if there were 1000 RMB notes, would some people take issue that their entire salaries or a years rent could be paid with just one note?

  • 叮噹叔叔 (令狐叮噹)

    ...

    Hahahaha ... 莫明 ... actually, they do HAVE them, but because it is not well received, or not commonly welcomed, it is not well promoted or just not promoted at all ...

    And the reason that it is not well received, is because usually they are used for large amount, and with cheats, cons and fakes so popular these days, and also that the financial system still has many holes in them, the risk for a merchant to get a fake cheque or for the bank to be asked to cash (or deposit) a fake one is also very high ...

     

  • 叮噹叔叔 (令狐叮噹)

    ...

    And with the discussion of larger bills ... I agree (but without any smart and justifiable reason or reasons) that 500 or 1000 should not bring any harm to the finance, in theory, but for the same argument, with fake 100 being so common in China, unless they have a fake-proof new note, it is perhaps not "safe" to print 500 or 1000 at the moment?

     

  • Christian Hansen

    The inflation thing is interesting I had not considering it before.

    About the fake 100RMB bills, I wonder how you got them... I mean, since 100RMB is the highest value on chinese currency I do not imagine any other source to get 100 bills than an ATM; there is no way to get 100 bills as change in the super market.

    @Latyan. Your rent is 1300 per month but assuming you have to paid 3 months in advance and your landlord is as old-school as mine, you would need to paid in cash with 39 bills of 100 RMB... too much for a single wallet/pocket, is not it?

     

  • 叮噹叔叔 (令狐叮噹)

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    Hahahaha ... Chenemma ... I dont know what might be the largest bill in S Korea and Japan, but I am fairly sure that they would be larger than 100 ... and since USD100 is equivalent to RMB6xx.xx, a RMB500 is really not a lot of money ...

    The largest HK bill todate is 1000, and for one, I believe that China should also have larger ones ... though with the "by-product" of fake notes, it is risky ...

    Chucho Castillo ... hahaha ... if you go out and wave your money, and asked for it, I am sure you will get your fake 100 quite easily ... a few weeks ago, I was working late, so I took a taxi home, I handed the driver a 100, he took it and then said that he did not have enough change and handed it back, I finally paid with a 50 ... it was dark in the taxi, and I did not think much when he handed the 100 back to me, but I did end up with a fake 100 ... now we keep it with us as a "lesson" ... hahaha ...

     

     

  • 叮噹叔叔 (令狐叮噹)

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    Hahahaha ... Marco R ... credit? China? that seems to be a oxymoron to mw, or just "moron-ful" ... hahahaha ...

  • pommie
    pommie wrote:

    Has printing large denomination notes ever led to inflation? I can't understand how it might.

    Large denomination notes are often used in money laundering and criminal activities, however.The 500-Euro note has been withdrawn from sale in the UK because it was used almost exclusively by criminals.

    China's black economy already represents such a huge percentage of their total economy that it makes economic management tricky. Large denomination notes would only fan the flames.

    Also, imagine trying to give a 500-yuan note to a taxi driver.

  • 叮噹叔叔 (令狐叮噹)

    ...

    Hahaha ... I have seen someone using a 100 to pay for a one-yuan bus ticket, he got away from free ...

     

  • Minger
    Minger wrote:

    The_beijing_situation wrote:

    "Your a pompous asshole and should go back to america with the rest of the ingrates"

    Yes, I am a pompous asshole, but I have no idea how that was made apparent by my earlier comment. I actually didn't see how my allusions to class disparity or credibility issues in China let on to this. You my friend are quite astute indeed.

  • Danilo Vasquez

    next time transfer money to the landlord's account, its convenient than be walking around with so much cash. Last time I have payed for 6 months and the rent at my place is 4300/month and I tranfer the money by the atm and had a small fee of 45 kuai.

     

    I also think China should have bills of 500 yuan and 1000 yuan, but I guess it wont happen in a near future.

  • pommie
    pommie wrote:

    They should have an 二百五 note.

    面印叮当叔叔!

    meheheheh!

  • Joakim Lund Rangel

    What is the biggest bills in other countries?

    In Norway it`s 1000kr (NOK) or about 173USD.

    Norway have the following bills:

    1000kr
    500kr
    200kr
    100kr
    50kr 

  • Fazio
    Fazio wrote:
    一般大面值的货币,都是通货膨胀后的产物 the huge number of currency usually has some relation to inflation
  • 叮噹叔叔 (令狐叮噹)

    ...

    Hahahahaha ...

    Pomegranate ... my face would make counterfeiting an art form ... hahahaha ...

    Danilo Vasquez and whoever else talked about rent ... if one is concerned about "safety", I suggest asking (nicely) the landlord to open a new account at the same bank you are at, and then as Chenemma suggested, use internet or phone banking (heehee, try using phone banking when you cannot speak proper Chinese, it was really "fun") ...

     

  • Da Fan
    Da Fan wrote:

    I transfer funds online, that's it.

  • Lise Eilertsen

    how cruel....

    can you upper middle class guys imagine, if we have 1000rmb note, most of poor ppl will be just using some little changes for living,like 20kuai for a month,100kuai change for a year...

    our dear government will absolutely loss face!~

    Being "low key" guys,even u r rich,plz as well use little 100 notes.

    lol...am just kidding~=)

  • Da Fan
    Da Fan wrote:

    the highest bill in SK is 10000won, equal to 70 RMB, and price in SK is higher, then how SKorean live? they use credit card. they use online payment.

    Why you guys just wanna be cash-people? u can use credit card in most CVS in Beijing right? you can make wire transaction with small fee right? you can pay your bill online right? and for other cases, u don't wanna spend more than 1000 RMB at a newspaper booth right? dont tell me you need to make frequent cash payment to high class hookers. and if your landlord doesn't accept wire transaction, it's his problem: I've visited so many cities in China, few cases that landlord refused to accept wire transaction. Acturally they like it.

    LMAO

  • 哎呀
    哎呀 wrote:
    Inflation triggers big notes, not the opposite. The most notable example is Zimbabwe. In July, 2008, the inflation rate of this country is 231,150,888.87%, and their central bank has to circulate the ZWD 200,000,000 note to meet the citizens' living needs. In general, when the circulation rate of the biggest note is above 70%, the bank shoud issue bigger currency, but now this rate is only around 20%~30% in China, so no need for 500 yuan or 1000 yuan.
  • pommie
    pommie wrote:

    Well, that's interesting Nomina. But it's worth remembering that when it comes to incomes there are two Chinas.

    Tens of millions of Chinese people in rural areas live on only a few hundred yuan a month. But there are also tens of millions who earn hundreds of yuan a day. So I think there is a demand for a higher denomination note than 100 yuan - though it might not be useful to everyone.

  • 叮噹叔叔 (令狐叮噹)

    ...

    Hahahaha ... the vegetable is getting expensive in the market ...

    Pomegranate ... a few hundred a month? That's not too bad already ... I have watched from the local docu that some families make less than a hundred per month ...

     

  • Daniel Westerberg

    How can big notes trigger inflation?

    Inflation causes the need for bigger notes..

     

    Sweden have 1000 sek as biggest note (about the same in RMB) and also one  that is 10 000 sek but they are almost never used.

    Sometimes I wished there was a 500 rmb bill is when I

    1. buy expensive stuff and pay in cash (like a TV, computer, furniture etc) (and NO I will not use the credit card in small shops, because skimming is easy in Sweden so just imagine how easy it is to steal your credit card information in China).

    2. Pay the company for central heating and "wu ye fei".

    3. Make a payment for goods, often the company I buy from don't use the same bank as I do, so to not have to wait 1-2 days for the transfer, I usually make a cash withdrawal and go to the other bank about 40 min away and deposit it to their account (imagine 50 000 RMB in cash, it's like carrying a brick...).

    and so on.. I know stories of Chinese people buying a new car and paying in cash, they have a bag filled with 100 RMB notes.. Same when we bought our appartment, we used credit cards in this case, but not all the buyers did, so some people showed up with like 200,000 RMB in cash.. that's alot of 100 RMB bills..

    But the easiest way to see the need for bigger notes is to just go to a bank office, sit one or two hours and just watch the big piles of 100 RMB bills that some people deposit or withdraw, I shit you not when I say that some people need a backpack to carry all the bills home..

  • pommie
    pommie wrote:

    It's certainly odd to see young office girls turning up at the bank, putting tens of thousand of yuan into a paper bag then calmly walking out. Um ... security?

    Then if you work in an office in China you find the bathroom is kept locked "in case someone steals the water".

  • Lanyan
    Lanyan wrote:

    @Chucho Castillo

    Yeah, but now I just use the online bank to transfer the money

    Actually I am curious of your guys renting, how much is that?

     

     

     

  • Lanyan
    Lanyan wrote:

    But the easiest way to see the need for bigger notes is to just go to a bank office, sit one or two hours and just watch the big piles of 100 RMB bills that some people deposit or withdraw, I shit you not when I say that some people need a backpack to carry all the bills home..

    ======

    Actually there is another situation for a guy carrying  a backpack with a big pile of money,

    That is the benefit for one year /half year for the employees, they pay the employee the cash so that they would need to pay the tax.

  • Lanyan
    Lanyan wrote:

    Nomina Nuda Tenemus - Maria wrote:

    Posted 2 hours ago
    Inflation triggers big notes, not the opposite. The most notable example is Zimbabwe. In July, 2008, the inflation rate of this country is 231,150,888.87%, and their central bank has to circulate the ZWD 200,000,000 note to meet the citizens' living needs. In general, when the circulation rate of the biggest note is above 70%, the bank shoud issue bigger currency, but now this rate is only around 20%~30% in China, so no need for 500 yuan or 1000 yuan.

    ===

    So professional comments, but as you know China is somehow different from Zimbabwe, China is a so central-control type of Gov, so it will try its best not to let this happen, at least not to happen so obovisouly, a living example is the realistic market.

  • 叮噹叔叔 (令狐叮噹)

    ...

    Hahahaha ...

    About what Daniel Westerberg wrote ... China came a long way with its tradition of "trust", but it surprises me that this had faded away so badly with the fake notes and stealing credit card info ...

    Pomegranate ... it's odder to note that as a "cashier", these girls might only make a few thousand each month, but at any one time, they could be carrying cash in the amount of 5 or 6 digits ... ah, such work ethics :)

    Lanyan ... for your question, my guess is that it ranges from 1000 to over (or way over) 10000 ...

     

  • Lanyan
    Lanyan wrote:

    Yes

    My french supervisior's rent is 20,000 per month, it is a 别野,hah

     

  • 叮噹叔叔 (令狐叮噹)

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    Hahahaha ... ask your French supervisor to join WLIB, I'd bet many girls would love to meet him :)

    And I'd also bet that his "house" is part of his employment benefit?

     

  • Lanyan
    Lanyan wrote:

    Yes

    Our company is a one from Luxembourg, all the laowai working here will have the benefit of housing payment by the company, as well as the studying paying of their chlidren, the traffiic expense, all the callings, our supervisor calling fee for per month is over 10,000 RMB,

    靠!

    真tmd不公平

    我真希望我是白皮肤,当然不是白血病!

  • 叮噹叔叔 (令狐叮噹)

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    Hahahaha ... I have learnt that, since I came to Beijing, the word "fair" only meant "exhibition" or "business forum" in China, but nothing else ... hahahaha ...

    白皮肤有什么好?他们患皮肤癌的可能性,是所有肤色里面最高的。

  • 随便叫兽
    随便叫兽 wrote:

    >go back to America, ingrate

    >UR GHEY

    >equivocating profile viewing with stalking

    mfw:

  • 叮噹叔叔 (令狐叮噹)
    ...

    Hahahaha ... Daniel L, I am glad for you that you have actually learnt something here, not many people are capable of doing that ... as for the suitcase, you might want get one of those 360-degree one (i.e. with four spinning wheels), then you could "wheel" you cash around ... or, to keep you warm in the winter, you can make smaller piles of them, and strap them around yourself, I have heard a Chinese guy doing that about a year ago in Shen Zhen, but he was trying to "smuggle" his own cash (real notes by the way) to Hong Kong so that he can invest in the stock market or something like that ...
  • 叮噹叔叔 (令狐叮噹)
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    Hahahaha ... then there is one more reason for you to strap your cash around your body ...

    You: hey, random hot chick, would you like to see me unstrap my cash?

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