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That's ridiculous. CNY is as easily converted as USD, if not more easily.
by MacsHeadroom 6y ago
That's ridiculous. CNY is as easily converted as USD, if not more easily.
- Bayart 6y agoDuh, of course CNY is easily traded to other currencies on the Forex markets, China's starving for reserves. But they're actively preventing money from getting _out_ of China, in particular said reserves. If you're making money in China, it's going to stay in China until you jump through a lot of hoops.
- PakG1 6y agoI work in China. I wire money out of China on a regular basis to my home account in Canada. Have to give copies of tax forms and a copy of my contract to the bank, but that's about it. Other than that, it's the same as wiring money from Canada to any other country. There is a limit each year, but I've never been able to hit it. And a bunch of my foreign colleagues have half of their salary automatically deposited in USD accounts in their home country. Not me, but the point is that there are options.