ICBC is now offering 3.15% on its FD!!!!!!!

[ChinaCommunistSG]

Why do you support China banks when they are funding people such as George Yeo to influence Singapore policy makers to pivot towards China communists and Russia ?

 

[Boliao]

tiongs very hard up for usd. will give it a higher interest rate than any other currencies, especially their own cny or rmb. due to high demand by tiongs for usd, cny hits the psychological and prc control barrier of 6.9cny to 1usd.

Not true. My banks in China are offering less than 0.15% for USD fixed deposit and more than 1.75% for RMB deposits. I used to get like ~6% for my USD fixed D there while RMB fixed D was about 4-5%. So there is a huge push in the bank to dump USD for RMB. I've been moving my money to Singapore since the rates there are no longer as attractive.

 

[winners]

Not true. My banks in China are offering less than 0.15% for USD fixed deposit and more than 1.75% for RMB deposits. I used to get like ~6% for my USD fixed D there while RMB fixed D was about 4-5%. So there is a huge push in the bank to dump USD for RMB. I've been moving my money to Singapore since the rates there are no longer as attractive.

Unless your amount is insignificant, otherwise, it is definitely not easy to move large amounts of funds out of China.

 

[eatshitndie]

Not true. My banks in China are offering less than 0.15% for USD fixed deposit and more than 1.75% for RMB deposits. I used to get like ~6% for my USD fixed D there while RMB fixed D was about 4-5%. So there is a huge push in the bank to dump USD for RMB. I've been moving my money to Singapore since the rates there are no longer as attractive.

View attachment 160666View attachment 160667

you think banks in prc dare to openly offer better rates for usd than rmb in this current economic and political climate? they do so outside prc like in sg. in the underground money laundering market between prc and hk the exchange to hkd from rmb then from hkd to usd is thru the roof so much so that ccp is trying to clamp down on that lobang.

 

[eatshitndie]

cny passes psycho barrier beyond 6.9.
https://finance.yahoo.com/news/chinas-yuan-weakens-past-key-044559611.html

 

[Boliao]

Unless your amount is insignificant, otherwise, it is definitely not easy to move large amounts of funds out of China.

Another myth. You'll have no problems moving money out of China if you're a foreigner and you can proof your source of funds. I used the adjective "moving" because I cannot move large amount at one go due to banking restriction of $100,000 RMB per day.

 

[Boliao]

Unless your amount is insignificant, otherwise, it is definitely not easy to move large amounts of funds out of China.

Okay, I guess it's subjective what is significant so both of us are right. US$2m is considered "not a lot" to many Chinese I know who buys properties in Shanghai/ Beijing like they are buying a 2nd car

 

[winners]

Another myth. You'll have no problems moving money out of China if you're a foreigner and you can proof your source of funds. I used the adjective "moving" because I cannot move large amount at one go due to banking restriction of $100,000 RMB per day.

RMB100k = S$20k = US$14k = Pathetic.

 

[Boliao]

RM100k = S$20k = US$14k = Pathetic.

Sadly yes but that's the rule for online banking. My banker says I can move larger amounts if I show up in person at the bank but I'm stuck in SG for the time being.