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Sidney5

Chinese currency and USD

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It's been a long time since I've posted anything here, this is only my second post here ever. I'm the kind of person who is very quite....

So I have a lifelong friend who has been going to Beijing China for the last 10 or so years. (martial arts) Stays for a month or so and comes back.                                            

He has built up relationships over the years and knows the staff at the local bank there. Sometimes even sits and have tea with them.... simply from

becoming friends over the years. He tells me that when he went to exchange his US dollars for RNB he noticed that 'his friends' in the bank were all gone,

replaced by different staff. So he goes to transfer his USD and they tell him that they won't take his 'old money'.  He's like WTF?  What are you talking

about...'old money'.... the bank would not take his 100 dollar bills that did not have that blue security stripe. Or any other bills for that matter that were

the older issue USD. How long has this been going on? Who knows. My friend was just at the Chinese bank a week ago..... Interesting but I'm not surprised.

This may have absolutely nothing to do at all when it comes to our interests....but it is 'real time' information. This post is in Rumors as I did not know where

else to put it.

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This is very common experience, not only China. I have had recent experience in Europe where they won't accept older (or wrinkled, creased, damaged (like corner torn off) 100 dollar bills), nor will they normally accept smaller denominations. However, if I have given older 100 dollar bills to people I am visiting to get exchanged, they seem to be able to have better success. Before I go on a trip, I ask my bank to set aside new 100 bills in perfect condition for me.

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Well I can understand not accepting the older bills I guess.  But the fact that all the banking staff had been replace by new people is definitely unusual.  I know everyone things China will be the next world power, but China's economy is very dependent on the US and American to buy their stuff.   Plus, they steal our technology and then start up competing companies with the stolen technology.  Trump's new trade policies have hurt them and I recently read China is starting to experience inflation.  It's a socialist country after all and the people are quite suppressed and now spied upon in an effort to make them behave the way the government wants or they lose freedoms and privileges.  To me would seem like, at some point, the people will get fed up and revolt.  But their culture is very different than my western culture, so I guess I really just don't know.  

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This does not mean anything.  I was in Kuwait for two years as a civilian contractor after the first Gulf War.  Kuwaiti banks would not accept worn US currency for exchange.  The money changers on the street had no such problem. 

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This reminds me of an incident my oldest daughter had at a bridge toll booth here in SF Bay Area.

She handed the toll taker a $20, but it was an older $20. The toll take said she needed to show identification because she tough it was fake and leave the $20, then come back later for change.

Now this toll taker, foreign born, from asia, my daughter is half filipino. 

She gets on the phone to me blasting this damn foreigner, saying that $20 was in this country longer than she was, etc.

 

I love reminding her of that outburst.

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On 10/9/2018 at 10:45 AM, KristiD said:

Well I can understand not accepting the older bills I guess.  But the fact that all the banking staff had been replace by new people is definitely unusual.  I know everyone things China will be the next world power, but China's economy is very dependent on the US and American to buy their stuff.   Plus, they steal our technology and then start up competing companies with the stolen technology.  Trump's new trade policies have hurt them and I recently read China is starting to experience inflation.  It's a socialist country after all and the people are quite suppressed and now spied upon in an effort to make them behave the way the government wants or they lose freedoms and privileges.  To me would seem like, at some point, the people will get fed up and revolt.  But their culture is very different than my western culture, so I guess I really just don't know.  

Scary part is 43 o/o of Americans want Socializem. 

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I Traveled to China about 5 years ago, the same then, banks wouldn’t take any older or worn bills, new security feature ones only. 

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