Beijing is scrambling to keep the U.S. from kicking Chinese firms worth $1.4 trillion off Wall Street. But Congress is in no mood for compromise

[S10]

What part of "not being able to convert 700,000 Chinese Yuan in a bank outside of China to a hard currency" are you not comprehending?

You yourself are the one who is deflecting by going back to the rate over and over and over and over and over. It is the quantity that is the problem not the precise rate,

You will be hard pressed to find a bank outside of China that will convert 700,000 Chinese Yuan to a hard currency....period.

Go into a main bank in Japan with 700,000 Chinese Yuan and ask for Japanese Yen.

Go into a main bank in London with 700,000 Chinese Yuan and ask for Euros.

Go into a main bank in Russia with 700,000 Chinese Yuan and ask for Japanese Yen.

Go into a main bank in Pakistan with 700,000 Chinese Yuan and ask for Euros.

They more than likely wont do it.

You claimed nobody would exchange RMB at the official rate. You made up that bit of bullshit and couldn't back it up so now you're rambling on about amount. Why don't you tell us what rate you can exchange it at? Just gonna keep rubbing it in your face over and over.

"That's really nice but tell me why no bank in the world would take a stack of 700,000 Chinese Yuan and convert it into ANY hard currency near the official rate..."

Next time when you bullshit, make sure you can back it up or find another ignorant sucker to sell your rainbow bridge.

 

[Hamartia Antidote]

You claimed nobody would exchange RMB at the official rate. You made up that bit of bullshit and couldn't back it up so now you're rambling on about amount. Why don't you tell us what rate you can exchange it at? Just gonna keep rubbing it in your face over and over.

"That's really nice but tell me why no bank in the world would take a stack of 700,000 Chinese Yuan and convert it into ANY hard currency near the official rate..."

Next time when you bullshit, make sure you can back it up or find another ignorant sucker to sell your rainbow bridge.

You are truly the densest person on PDF.
I said they would not exchange 700,000 Chinese Yuan at the official rate.


Do you get it? It is the quantity they will have a problem with not the rate.


Can somebody from Zimbabwe exchange 35,553,172 Zimbabwean Dollars at reasonably close to the official rate (which is about 700,000 Chinese Yuan) into a hard currency in a Chinese bank in Beijing? There's no way the bank would take it. They likely wouldn't even exchange it for Chinese Yuan.

Do you understand now what I am saying about quantity?

 

[ziaulislam]

The only ones who will be hurt by such actions, is America and the West itself. They dont have Oil, or Natural Gas, or enough wheat to feed their own citizens, let alone the world. If they do what they say will do at Wall Street to China. Then there will be serious Boomerang consequences the West will face, which it will have no way of evading.

Not really
USA is world largest oil gas producer
Food..
USA CANADA has enough food

Who.will suffer?
Africa & asia as they dont have enough food

 

[S10]

You are truly the densest person on PDF.
I said they would not exchange 700,000 Chinese Yuan at the official rate.


Do you get it? It is the quantity they will have a problem with not the rate.

You are still deflecting after your bullshit got called out. Don't try to weasel your way out. Nobody likes a liar.

What is the rate you are inferring? Where a reputable source stating that that RMB cannot be exchanged at the official rate?

 

[Hamartia Antidote]

You are still deflecting after your bullshit got called out. Don't try to weasel your way out. Nobody likes a liar.

What is the rate you are inferring? Where a reputable source stating that that RMB cannot be exchanged at the official rate?

LOL! Please tell me what part of not being able to exchange 700,000 Chinese Yuan in a bank to a hard currency is a lie.

I can't help it if your reading comprehension is so minimal you jumped on the rate part quickly without realizing the 700,000 part was the real issue and now in desperation you are trying to find a way out with some BS about rate. Hey the rate is unimportant. If you want the exchange rate slightly overvalued or slightly undervalued it isn't going to matter in my scenario..and you still don't get it.

 

[S10]

LOL! Please tell me what part of not being able to exchange 700,000 Chinese Yuan in a bank to a hard currency is a lie.

I can't help it if your reading comprehension is so minimal you jumped on the rate part quickly without realizing the 700,000 part was the real issue and now in desperation you are trying to find a way out with some BS about rate. Hey the rate is unimportant. If you want the exchange rate slightly overvalued or slightly undervalued it isn't going to matter in my scenario..and you still don't get it.

You claimed that RMB could not be exchanged at the official rate, then you backpaddled by claiming it was because of the amount. You got caught telling a lie you couldn't back up, plain and simple. Like I said, nobody likes a weasel.

 

[FairAndUnbiased]

LOL! Please tell me what part of not being able to exchange 700,000 Chinese Yuan in a bank to a hard currency is a lie.

I can't help it if your reading comprehension is so minimal you jumped on the rate part quickly without realizing the 700,000 part was the real issue and now in desperation you are trying to find a way out with some BS about rate. Hey the rate is unimportant. If you want the exchange rate slightly overvalued or slightly undervalued it isn't going to matter in my scenario..and you still don't get it.

nope, you're wrong. the exchange limit of 50k USD equivalent is only in China and only for individuals. outside of China and for institutions, the exchange is limited solely by the availability of RMB. the exchange rate everywhere in the world is more or less the official exchange rate + transaction fees. The Chinese central bank has done billions in currency swaps with other central banks at the exchange rate of the time, by your logic the PBOC must be a black market entity lmao.

otherwise, find a source that RMB is being traded anywhere in significant quantities for different than official exchange rate + transaction fees. you can't do it. thus you're either an idiot that does not understand what exchange rate means, or you're a liar that understands what exchange rate means but tries to obfuscate it with capital controls for individuals.

 

[Hamartia Antidote]

You claimed that RMB could not be exchanged at the official rate, then you backpaddled by claiming it was because of the amount. You got caught telling a lie you couldn't back up, plain and simple. Like I said, nobody likes a weasel.

No I did not. You are intentionally reading one part of a statement and completely ignoring the other part of the statement. Why do you think I picked a big number like 700,000 if 10 is just as good for your interpretation?????

Do you know that 2+2=4? You have to sum both parts together to get an answer. Did you ever go to school??

This whole argument is about exchanging large sums of a non-readily convertible currency into a hard currency. Are you so clueless that you think you can't exchange a few Chinese Yuan into a few dollars at the official rate? Sure many places will do that...but try it with like 700,000 and they likely aren't going to do it.

I said you can't exchange 700,000 Chinese Yuan into a hard currency at a bank at the official exchange rate. Take these two parts together like 2+2=4. Apparently this concept is way way way way beyond your limited comprehension.

Meaning a bank won't take 700,000 Chinese Yuan and convert it into a hard currency since it is not a readily convertible currency. It doesn't matter what the exchange rate is. Can you understand that???

They may take a smaller amount like $5000...but not $100,000 (~700,000 yuan) worth.

Do you know anything about what a convertible currency is?

A bank in Beijing is not going to let somebody convert a huge stack of Zimbabwean dollars even if it is at the official rate.

 

[Han Patriot]

Well Zimbabwe trades too...you want to swap all your money for Zimbabwean Dollars...you can put them in a bank and use them as a reserve currency.

If you don't...now you know why banks won't take Chinese currency in bulk.

We use RMB and swap with iron. Are you dumb of something? Yuan is actually a reserve currency in Zimbabwe. US is showing signs of going Zimbabwe with so much printing.

 

[FairAndUnbiased]

This whole argument is about exchanging large sums of a non-readily convertible currency into a hard currency. Are you so clueless that you think you can't exchange a few Chinese Yuan into a few dollars at the official rate? Sure many places will do that...but try it with like 700,000 and they likely aren't going to do it.

I said you can't exchange 700,000 Chinese Yuan into a hard currency at a bank at the official exchange rate. Take these two parts together like 2+2=4. Apparently this concept is way way way way beyond your limited comprehension.

Meaning a bank won't take 700,000 Chinese Yuan and convert it into a hard currency since it is not a readily convertible currency. It doesn't matter what the exchange rate is. Can you understand that???

looks like the Bank of France did just that in 2013.

France plans currency swap line with China: paper

France intends to set up a currency swap line with China to make Paris a major offshore yuan trading hub in Europe, competing against London, the China Daily on Saturday cited Bank of France Governor Christian Noyer as saying.

www.reuters.com

ECB did it again in 2019.

Currency Swap Deal between Europe and China – S.J. Grand

If you are from Europe and you are interested in doing business in China, here's one of the things you might want to know. Learn more about currency swap!

www.sjgrand.cn

today 40%+ of Germany-China and 50%+ of France-China trade is denominated in yuan, not Euros. All this clearly requires less than 700k yuan.

China's Currency Push

Main findings and conclusions Europe is at the forefront of Chinese efforts to grow the Renminbi internationally. China has set up many market access and trading infrastructure schemes in Europe, making it the largest CNY market outside of...

merics.org

hmm by your logic these billions of yuan are less than 700k yuan and ECB, Bank of France, etc. are all black market organizations. they are clearly unable to exchange more than 700k yuan at the given exchange rate despite exchanging billions at the given exchange rate. clearly ECB, the bank that creates Euros, does not have a hard currency, such as the Euro.

 

[mhosein]

Thats because us printed trillions as stimulus and interest rate record low.

Once feds ramp up interest rate inflation will go down.


And usa is blessed with natural resources. Combine value of natural resources of us and canada is close to 80 trillion dollars.

Actually the whole America & Canada being blessed with natural resources is a false positive. The America everyone idealizes about, no longer exists, since the American middle class edges closer toward extinction. People may still live in their fantasy world of American or Western greatness, in reality none of the Western countries (with America being at the top of the list) have recovered from the 2008 Financial Depression. So people can sing Kumbaya till the cows come home about America still being a dominant power. The reality is that it is a spent power, the reality is that America retreated from it's longest running war (in Afghanistan) after having flushed down the toilet, $1.67 trillion in this war. The same goes for American financial attrition war in Iraq. Combined America bled trillions of dollars on wars that were based on lies, on deceit and to pump more cash into corporations that are the ones who truly RULE America.

As for your "Once the Feds ramp up interest rates" remark is concerned, well it would not matter at all. Since the US Dollar's global reach is steadily being eaten up by crypto currencies, Chinese trade juggernaut, currency swaps, Russia Oil sold in Russian Rubles (backed by gold btw).

The so-called "New World Order" that Bush Sr. had so emphatically announced in the 1990s, is over.

 

[SaadH]

Actually the whole America & Canada being blessed with natural resources is a false positive. The America everyone idealizes about, no longer exists, since the American middle class edges closer toward extinction. People may still live in their fantasy world of American or Western greatness, in reality none of the Western countries (with America being at the top of the list) have recovered from the 2008 Financial Depression. So people can sing Kumbaya till the cows come home about America still being a dominant power. The reality is that it is a spent power, the reality is that America retreated from it's longest running war (in Afghanistan) after having flushed down the toilet, $1.67 trillion in this war. The same goes for American financial attrition war in Iraq. Combined America bled trillions of dollars on wars that were based on lies, on deceit and to pump more cash into corporations that are the ones who truly RULE America.

As for your "Once the Feds ramp up interest rates" remark is concerned, well it would not matter at all. Since the US Dollar's global reach is steadily being eaten up by crypto currencies, Chinese trade juggernaut, currency swaps, Russia Oil sold in Russian Rubles (backed by gold btw).

The so-called "New World Order" that Bush Sr. had so emphatically announced in the 1990s, is over.

America bleeds more than the amount spent on the two wars you mentioned annually by giving massive amounts of free money, tax cuts and subsidies to its oligarchs, banksters and corporations and it more or less results in unproductive investments which doesn't produce any real economic value save for the ballooning paper worth of the billionaire class. It would be a more worthwhile and productive investment if that amount went to the middle/lower classes in terms of free education, free healthcare, infrastructure and pay rates commensurate with inflation.

 

[mmr]

Actually the whole America & Canada being blessed with natural resources is a false positive. The America everyone idealizes about, no longer exists, since the American middle class edges closer toward extinction. People may still live in their fantasy world of American or Western greatness, in reality none of the Western countries (with America being at the top of the list) have recovered from the 2008 Financial Depression. So people can sing Kumbaya till the cows come home about America still being a dominant power. The reality is that it is a spent power, the reality is that America retreated from it's longest running war (in Afghanistan) after having flushed down the toilet, $1.67 trillion in this war. The same goes for American financial attrition war in Iraq. Combined America bled trillions of dollars on wars that were based on lies, on deceit and to pump more cash into corporations that are the ones who truly RULE America.

As for your "Once the Feds ramp up interest rates" remark is concerned, well it would not matter at all. Since the US Dollar's global reach is steadily being eaten up by crypto currencies, Chinese trade juggernaut, currency swaps, Russia Oil sold in Russian Rubles (backed by gold btw).

The so-called "New World Order" that Bush Sr. had so emphatically announced in the 1990s, is over.

Us and canada unemployment is lowest in 40 years.

Economy is over heating. Real estate also setting new records.

If feds keep raising interest rate by end of next year inflation will reach within the 2 percent guidelines

 

[mhosein]

Us and canada unemployment is lowest in 40 years.

Economy is over heating. Real estate also setting new records.

Not sure why you writing all this instead try to connect the dot...in terms of feds policy.

Umm well, as far as the real numbers are concerned and with colleagues I have contact with in America, tell me a very real and grim story about the actual state of affairs of unemployment in America. To put it bluntly, America is running on a "Gig Economy" in so far as those "low unemployment" numbers are concerned. And the so-called "burgeoning real estate" is concerned, these are in fact inflated figures. In reality, those who own homes (still tied to mortgage payments and constitute a majority) will be in for the worst recession in the history of the country, once the Feds raise the interest rates. From what I have researched and my colleagues have shared with me, the reality on the ground for Americans is a lot worse than the rosy picture Western MSM paints for public consumption.

 

[mmr]

Umm well, as far as the real numbers are concerned and with colleagues I have contact with in America, tell me a very real and grim story about the actual state of affairs of unemployment in America. To put it bluntly, America is running on a "Gig Economy" in so far as those "low unemployment" numbers are concerned. And the so-called "burgeoning real estate" is concerned, these are in fact inflated figures. In reality, those who own homes (still tied to mortgage payments and constitute a majority) will be in for the worst recession in the history of the country, once the Feds raise the interest rates. From what I have researched and my colleagues have shared with me, the reality on the ground for Americans is a lot worse than the rosy picture Western MSM paints for public consumption.

As long as feds bring down inflation to the 2 percent guideline there are not much risk. interest rate increase will done gradually to ensure stability of financial systems.

Honestly not interested on your colleague opinion.