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Chineese YUAN accepted in sri lanka

+9
Chinwi
manula
Investor99
Akalanka
aladdin
wis
Paypal
duke
wallstreet
13 posters

Go down  Message [Page 1 of 1]

1Chineese YUAN accepted in sri lanka Empty Chineese YUAN accepted in sri lanka Thu Jun 30, 2011 4:22 pm

wallstreet


Senior Equity Analytic
Senior Equity Analytic

Yuan designated currency in Sri Lanka

Thursday, 30 June 2011 12:45

Central Bank of Sri Lanka has decided to include the official currency of China “Renminbi” (Yuan) as a designated currency allowed for international transactions through banks in Sri Lanka.

Sri Lanka has a growing volume of trade and investment transactions with China, and the use of the Renminbi, in banking transactions would significantly facilitate such trade and investments.

The Renminbi, according to the Central Bank, has been gradually evolving as a globally acceptable currency due to China's extensive economic connections with many countries.

The other currencies in the designated list of the Central Bank of Sri Lanka are Australian Dollar, Canadian Dollar, Danish Kroner, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Norwegian Kroner, Pound Sterling, Singapore Dollar, Swedish Kroner, Swiss Franc, and United States Dollar.(niz).

My dear friends


In my client base in international, chineese guys contributed me 70%. If we bring those guys into this market. We can do a heaven this market. I will improve my chineese knowledge with in this year. I will bring these guys in next year. Someone say this may be a crazy idea. But now they have countless money with them. Great decision By government.


2Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Thu Jun 30, 2011 4:53 pm

duke


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

wallstreet what sort of business are you in?

3Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Thu Jun 30, 2011 5:14 pm

Paypal


Manager - Equity Analytics
Manager - Equity Analytics

+ rep from me for your effort. Yes try to bring as much as foreign money to our Country cheers

4Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Thu Jun 30, 2011 5:53 pm

wis


Manager - Equity Analytics
Manager - Equity Analytics

There was a news that there are plans to list Chinese companies in CSE to increase the market cap.

5Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Thu Jun 30, 2011 7:22 pm

wallstreet


Senior Equity Analytic
Senior Equity Analytic

duke wrote:wallstreet what sort of business are you in?

Retailer field,
High end luxury retailer items. we serving high end customers


6Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Thu Jun 30, 2011 7:44 pm

wallstreet


Senior Equity Analytic
Senior Equity Analytic

Paypal wrote:+ rep from me for your effort. Yes try to bring as much as foreign money to our Country cheers

To bring the share market uptrend, we have to bring foreign money to sri lanka.As a product of free education in sri lanka . This is the best thing I can do to help develop sri lanka.

7Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Thu Jun 30, 2011 9:01 pm

aladdin

aladdin
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Write in some place and keep this. Chinese currency is gona be the international currency in next 10 years time. US$ will be just another currency. Analyze the world economic trends. Can u friends remember the OPEC countries ?? They decided to give their OIL for a currency of their own and not for US$. This was on the discussion stage. Specially IRAQ , IRAN and LIBIYA wanted to do this. LIBIYA went forward and wanted to deal with GOLD with OIL. LIBIYA is the 2nd largest GOLD reserve holding country per person in the world. 1st is UK.

Now u see how the wold economy is moving ?? If something bad does not happen to China, in next 10 years, chins will be leading the currency in international market.

Therefore i really appreciate this strategical decision taken by the CBSL.

If u are opening RFC or NRFC, collect Yuan from now. U will be a winner in 10 years when ur in ur retirement age.

8Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Thu Jun 30, 2011 10:17 pm

Akalanka

Akalanka
Manager - Equity Analytics
Manager - Equity Analytics

wallstreet wrote:
Paypal wrote:+ rep from me for your effort. Yes try to bring as much as foreign money to our Country cheers

To bring the share market uptrend, we have to bring foreign money to sri lanka.As a product of free education in sri lanka . This is the best thing I can do to help develop sri lanka.

nice idea and wish u all the best ... .

9Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Thu Jun 30, 2011 11:41 pm

Investor99


Manager - Equity Analytics
Manager - Equity Analytics

China has the biggest economy in the world today. Almost all of the things we use are manufactured in China today and most of them are copies or counterfeit goods. Presently the Yuan is pegged to the USD. The Chinese are helping us not because they like Sri Lanka it’s only because it is in their best interest. The Chinese will not help anyone unless there is a reward for them so have to keep them at arm’s length. I don’t think it’s a good idea as most of our international trade in done in USD.

10Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Fri Jul 01, 2011 1:10 am

aladdin

aladdin
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Investor99 wrote:China has the biggest economy in the world today. Almost all of the things we use are manufactured in China today and most of them are copies or counterfeit goods. Presently the Yuan is pegged to the USD. The Chinese are helping us not because they like Sri Lanka it’s only because it is in their best interest. The Chinese will not help anyone unless there is a reward for them so have to keep them at arm’s length. I don’t think it’s a good idea as most of our international trade in done in USD.

Ur wrong. China is the second biggest economy yet. China was at the 3rd place and came to 2nd beating Japan. 1st is yet US and it is predicted that China will become 1st in next 4-5 years time.

11Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Fri Jul 01, 2011 10:09 am

manula


Vice President - Equity Analytics
Vice President - Equity Analytics

aladdin wrote:Write in some place and keep this. Chinese currency is gona be the international currency in next 10 years time. US$ will be just another currency. Analyze the world economic trends. Can u friends remember the OPEC countries ?? They decided to give their OIL for a currency of their own and not for US$. This was on the discussion stage. Specially IRAQ , IRAN and LIBIYA wanted to do this. LIBIYA went forward and wanted to deal with GOLD with OIL. LIBIYA is the 2nd largest GOLD reserve holding country per person in the world. 1st is UK.

Now u see how the wold economy is moving ?? If something bad does not happen to China, in next 10 years, chins will be leading the currency in international market.

Therefore i really appreciate this strategical decision taken by the CBSL.

If u are opening RFC or NRFC, collect Yuan from now. U will be a winner in 10 years when ur in ur retirement age.

Yes.. i think the idea is fine, you can see all the US and UK economy is falling down. .. Hope their will be future economy leaders will be China, Japan etc.. Same way hope this US aliens cannot start trouble in China.. See what they are doing to Middle East..Oil rich countries Very Happy

12Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Fri Jul 01, 2011 10:16 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Wow.

I have 500 Yuan note issued in 1944 :-)

13Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Fri Jul 01, 2011 10:17 am

manula


Vice President - Equity Analytics
Vice President - Equity Analytics

wallstreet wrote:
Paypal wrote:+ rep from me for your effort. Yes try to bring as much as foreign money to our Country cheers

To bring the share market uptrend, we have to bring foreign money to sri lanka.As a product of free education in sri lanka . This is the best thing I can do to help develop sri lanka.

Wall street,.. seems you are doing a great job.. cheers

14Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Sun Jul 03, 2011 5:36 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics

I like Aladdin's view on China.. U cant say no to that..

China is the emerging giant in economies and is a fast growing country.. in fact, its the economy that has been targeted by many companies worldwide to carry on next business expansion goals..

What they have most? Its labour.. But I dont think this will be cheap as Indians..
And the roles played by the govt are really encouraging in saving their labour rights as well.. No company can ask employees to work on a Chinese official holiday without providing them 3X of the daily portion of the salary. Becuz of this they enjoy their holidays..
I'm not implying more the holidays are good for an economy, but safeguarding the rights of ppl are at a higher level in China..

So I wont be surprised if they take the position of US in a couple of years..

15Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Sun Jul 03, 2011 7:47 pm

Marketinvest

Marketinvest
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Chinas currency will be the main currency in the world very soon

16Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Sun Jul 03, 2011 8:20 pm

factFINDER

factFINDER
Manager - Equity Analytics
Manager - Equity Analytics

aladdin wrote:

If u are opening RFC or NRFC, collect Yuan from now. U will be a winner in 10 years when ur in ur retirement age.


Renminbi (RMB) (Renminbi (RMB) is the national common term for the Chinese Yuan (CNY), whereas CNY is the international banking code for the RMB) the Chinese currency has been named by CBSL among 17 of its designated foreign currencies.

I primarily agreed that Chinese currency (RMB/CNY) will be more recognized for international transactions and gradually weakning the dominance of US$, in future. Therefore maintaining deposits (RFC/NRFC) in other foreign currencies insted of US$ will be a wise idea, currently currencies like EURO are AUD are getting populer becouse of that.

However most countries are still reluctant to invest in CNY/RMB as a recerve currency, as it is widely accepted fact that Chinese currency (RMB/CNY) is not fairly valued (some said it's undervalued though some said it is not and according to Big Mac Index published by the economist it is undervalued about 50% - 45% in 2010-2011 compared to US$.) The People's Bank of China (PBC) strictly controlled its currency in the past but decided allow market forces by dropping the pag (de juri). The rate was appriciated but still under extensive control of PBC (de facto).

In my view, RMB/CNY will bit appriciate or will exist current levels for some times, and no risk of depriciating it in near future (however actions of PBC are unpredictable). Therefore it will not be a bad idea of keeping a part of NRFC/RFC deposits in CNY/RMB (and the balance in EURO or AUD), at the same time we should not be 100% optimistic on CNY/RMB.

17Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Thu Jul 07, 2011 1:20 am

aladdin

aladdin
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

I have written a 15-20 page long article about China and its economic strategies. Tell me how to share such a big document ?

18Chineese YUAN accepted in sri lanka Empty Re: Chineese YUAN accepted in sri lanka Thu Jul 07, 2011 3:48 pm

stumpy

stumpy
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Aladdin,

upload it in to research section!

http://research.srilankaequity.com/
you have to create a new account Smile

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