Convert Chinese RMB to US dollars or Euro

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guzzler

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I have recently sold a foreign property in China and after paying all taxes and exit charges etc the profit is 995000 Chinese RMB. I have been asked whether I would like this money to return to Ireland as US dollars or in Euro. Appreciate if somebody could advise me on the latter.
 
guzzler said:
I have recently sold a foreign property in China and after paying all taxes and exit charges etc the profit is 995000 Chinese RMB. I have been asked whether I would like this money to return to Ireland as US dollars or in Euro. Appreciate if somebody could advise me on the latter.
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Where do you intend to spend this money? If it’s in the eurozone, get the money in euro; if it’s in the States or for something that is priced in dollars, get the money in dollars. [Disclaimer: The above is comment / observation and is not a recommendation to follow any particular investment strategy or to buy / not buy any particular fund.]
 
I would be holding the RMB if I could!

Probably the best currency to own out there. Guaranteed to rise over the dollar for a long time.

Why buy into the indeted dolllar or euro which is having it's glory days but this cannot last forever.

The RMB is the thing to own. Does anyone know how to buy into it? Seems hard to do with standard currency accounts.
 
I would suggest to hold onto it if you don't need cash immediately. Euro is pretty strong at the moment. After conversion, you must lose a bit.
 
the rate is fixed in china in any event so if you are getting it back, euro would be best seeing as i imagine you are in ireland
 
i would suggest do bit research before u make any move. i took 5500euro to china in aug 09, changed to rmb for about 50,000. and the very nx wk, with the same money, i could get over 55,000. around 500euro different just in few days with the changing currency, i could image with a huge money u want 2 transfer here, could make a big different. by the way, i do have a very same sittuation here as u. looking 4 some suggestions.
 
Thanks all for your replies...As it turns out you can have a sterling, dollar euro account here but not RMB. Checked in China, we could keep the money on account there but not willing to take that chance. When money is coming out the Chinese company we are dealing with will not transfer out RMB but gave us a range of currencies that was not issue. Probably going to put it into a dollar account here as do not need the money urgently and wait for the dollar to come in our favour.
 
guzzler said:
When money is coming out the Chinese company we are dealing with will not transfer out RMB but gave us a range of currencies that was not issue.
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The won't transfer out RMB because it's not fully convertible at present with the other major currencies.

Investing in the RMB is essentially a punt on the euro/dollar rate, since the RMB is pegged to USD. However I would agree that its a good investment since RMB is rated as one of world's most undervalued currencies at present (all down to peg mentioned above).
 
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