China in 8 Weeks Time - Buy Currency Now?

LDanthemanz on 20/07/2015 - 13:05

Hi,

My fiancee and I are heading to China in 8 weeks time for a 24 day trip around HK and China for our Honeymoon (we arent Chinese).
Given the situation with the AUD heading down by the day, my normal response would be to at least change some currency now (a grand or two) so somewhat hedge our bets so to speak. I have a decent understanding of Forex and openly floated currencies and markets, but China is totally different.

The only concern here is that i dont really understand the Chinese markets and their sort of currency pegging they have. Given Chinese markets are totally out of control at the moment, im concerned that there could be some sort of massive move on their part, but is that even possible? I really dont understand China's financial markets.

Whats is everyone's recommendation? Change money now or wait it out?
If there is little chance of a Chinese revaluation i will go ahead and change some money.

Thanks for your advice in advance!

-Daniel

Poll Options

  • 1
    Change some now - AUD is going down and Yuan isnt moving
  • 2
    Dont change money now - I dont think the AUD will move much and/or there could be movement in China
  • 4
    Unsure - It could go either way
  • 0
    I have no idea - I dont know what a Yuan or a peg is
  • 9
    Cancel the trip and spend the money on Eneloops and SSDs
Financial

Comments

  • wolvesaussie on 20/07/2015 - 13:48

    If it was against the pound or US dollar I would change it now, but I don't know with China, arent they the cause of some of Australia's problems?

    • Danthemanz on 20/07/2015 - 13:57

      Its possible, i think its more about the USA, commodities and generally us…
      I agree though, if i was heading anywhere else i wouldnt think twice, i just dont understand China at all, part of the reason im going i guess…

  • retiredfeline on 20/07/2015 - 14:12

    Depends on where you think this curve will head: http://www.oanda.com/currency/converter/ choose AUD and RMB and 90 day trend. Can't hurt to have some currency on you, until you find an ATM.

    • Danthemanz on 20/07/2015 - 14:29

      I do believe its going down, but due to the AUD.
      Look at the USD vs Yuan, its moved about .003% in 3 months because there is some sort of soft pegging involved. But when does that move???

      • retiredfeline on 20/07/2015 - 14:36

        Probably because it is or maybe was their largest trading partner.

  • soooooeasy on 20/07/2015 - 16:18

    I'm working in HK… Lots of my friends from mainland China come to HK and use their creditcard. I guess you can pay bills by your visa or MasterCard too. So you don't have to bring much cash. But I still suggest you get some change (not much) because some local restaurants cannot pay with card, they only take cash.

  • Danthemanz on 21/07/2015 - 10:26

    Looks like Eneloops wins the poll.
    Ill inform the fiancee.
    Anyone know any good online dating websites? lol

  • Frozensage on 25/07/2015 - 10:48

    I would just swap money locally. And yes it mirrors the pattern against the USD. Couple of years ago it was 1:8 hkd and now it's close to 1:6. 25% change.

  • DealzEddy123 on 27/07/2015 - 16:29

    if I knew the answer to this, I would be a squillionaire

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