Chapter 668: Asymmetric market and demand

Wei Xiaofan said on the phone that the other one looks a bit novel, but in fact it has been a long change throughout the 1980s.
That is now the mainland of China, which has completely stopped using foreign currencies such as US dollars.
If foreigners want to spend money in China, they can only choose to exchange foreign currency coupons with US dollars and other foreign currencies, and buy various products specifically for them.
For example, friendship shops, cultural relics shops, tax-free shops, hotels, etc. have all stopped accepting foreign currency directly. Foreigners want to buy things in these places, and they can only go to the exchange of complicated foreign exchange coupons, and then buy things .
Even later, the wages of many Chinese employees of foreign-funded enterprises were originally paid according to the standards of the head office such as the US dollar and Japanese yen. However, due to the strong demands of the government, this wage had to be converted into foreign currency in the bank The foreign exchange certificate is then sent to the staff.
Employees of foreign companies who want to buy grain, oil, rice and salt must first exchange their foreign exchange certificates into RMB before they can use them in their lives.
At the beginning, Chinese people wanted to enter these foreign shops and hotels to buy imported products that could not be bought in RMB, such as radios, cameras, watches, bicycles, suits, cigarettes, perfumes, leather bags ... etc. However, to use foreign exchange certificates, it must be led by foreigners or Chinese employees working in foreign-funded enterprises.
Until the reforms, reforms, and openings were deepened, these places that were operating abroad also needed more turnover, and later it gradually became that as long as you have foreign exchange certificates, you can go in and shop.
This strategy is actually unimaginable in later generations.
But this is what really happened in this era. The reason is the extreme lack of foreign exchange in China, so I thought of this method to increase foreign exchange reserves.
In fact, as soon as this strategy came out, many foreigners in big cities became popular.
Usually they can get benefits if they take people into places such as friendship shops to buy things.
There are even girls who dedicate themselves because of this, which is not so surprising.
Since the backbone of Huaguo was broken in 1840
Women dedicated to foreigners
No reason.
The foreign exchange bill was formally issued an order on April 1 this year, so that after it must be used, it will not be completely abolished until 95 years.
Of course, this has not been done for the entire 15 years. In fact, after 92 years, this foreign exchange certificate will basically not be used, and it will not be used by that fool, even for foreigners.
Another example is that it was announced in April, but it was not until the beginning of September that the order was fully implemented.
Including the last time when Yin Jun went to the Shanghai Cultural Heritage Store in July, he used US dollars instead of foreign exchange certificates.
Because everyone is not a fool, it is their credit for getting US dollars. If you use a foreign exchange certificate, all the credit is in the bank, and you are just a trading institution on the side, no credit.
Only now, there is really no way to pass, they can only let Wei Xiaofan use foreign exchange bonds.
All right.
Now the question is coming.
Why is everyone so sick of using foreign exchange certificates?
Normally, even if it is a currency exchange voucher, then there is nothing wrong, just like when we buy food vouchers on automatic food vending machines in foreign countries, it is just a value voucher for equivalent exchange.
But China's current foreign exchange certificates are not just as simple as exchanging foreign currencies.
Foreign exchange notes have an incredibly ugly exchange rate.
For some time, probably around 2017, the price of foreign exchange notes as a collectible rose again.
Yin Jun, who had nothing to do with it, went to check the past and present of foreign exchange certificates.
Whiteness actually said that the currency dual-track system formulated by the State Administration of Foreign Exchange in 81, on the one hand, was the official exchange rate of 1: 5.7, and on the other hand, the international market exchange rate was 1: 8.7.
But this figure is very inaccurate.
Because in the past three years, the domestic exchange rate of the US dollar against the renminbi has been around 1: 1.5, that is, one US dollar is about 1 yuan and 5 cents. This is the experience of Yin Jun.
In a short period of time, it is impossible to suddenly depreciate the RMB sharply to the point where one US dollar is exchanged for 5 yuan and 7 cents.
Therefore, Yin Jun prefers a chart of the exchange rate between the US dollar and the renminbi produced by Goldman Sachs in 2014 from 1949 to 2014.
From 49 to 80 years, the exchange rate generally fluctuated between 1.5-2, which is similar to Yin Jun's actual experience.
According to the above trend, in 1981, the actual exchange rate of the RMB that could be exchanged within China was only slightly depreciated. It is 1: 1.7.
However, such an exchange rate is completely contrary to the international exchange rate trend.
In foreign countries, it takes 8.7 yuan to exchange for 1 US dollar.
In China, the US dollar can only be exchanged for 1.7 yuan, and the purchasing power has dropped significantly.
To put it simply, foreigners who come to China are all slaughtered. In China, they buy things and services at high prices.
This matter seems to have nothing to do with Chinese people, at least it has nothing to do with most Chinese people.
Because foreign exchange bonds are used by foreigners, you Chinese people do not have US dollars, what foreign exchange bonds do you want to exchange? Except for a very small number of people, who can have the money to exchange foreign exchange certificates, and to buy and consume luxury goods?
but!
Chinese people can not use foreign exchange bonds, but they will slowly need the US dollar very urgently.
For example, there was an upsurge in studying abroad in the 1980s, but more than one million college students and public officials took the plane to the United States, Britain, Japan and other countries.
Those of them must be exchanged for currencies such as the US dollar.
Since the US dollar is already the universal currency of the world, no matter which country you go to, it is generally converted into US dollars. When you go to another country, you can basically use it directly, or you can go there and exchange it for the currency of the country.
Even the registration fee for students applying for the TOEFL test must be in US dollars, but this has stumped too many poor students.
The sadness inside is not listed here one by one.
Anyway, this is enough to show that people's urgent need for dollars.
The US dollar, until around 2005, before the RMB and US dollar announced a floating exchange rate, basically no individual could convert foreign currencies including the US dollar at will.
Even if you are an international student, you can only exchange a small part of the US dollar with the admission letter from the school, not to mention the standard 2,000 US dollar exchange limit when you go abroad with a private passport.
Throughout the 1980s, if you needed U.S. dollars, you could only use your foreign exchange notes to go to the bank and exchange for U.S. dollars.
But in this way, people's renminbi has become worthless, and they all have to buy foreign exchange certificates in the hands of others at a much higher price than the official exchange rate.
Okay.
Foreigners use US dollars, marks, etc. to buy foreign exchange bonds, but the government has slapped them hard. Now you use foreign exchange bonds to exchange dollars, but you are intermediary, also known as the oxen. Slaughter.
Many people's savings in their lifetimes have shrunk by a large amount between these exchanges.
But there is no way out. Naturally, there is a market when there is demand.
Everyone knows that it is very difficult to go abroad. There is always nothing wrong with bringing more money.
Even if the parents at home are not wealthy, they have to buy foreign exchange vouchers for US dollars at a high price.
This urgent need not only makes money but also foreigners.
What's more, and more profitable is the People's Bank of China, the only bank that issues foreign exchange notes.
Because the more foreign exchange certificates people need, the more dollars they have to exchange for foreign exchange certificates, and whenever the US dollars are exchanged for foreign exchange certificates, then they have to eat a big bite.
I don't know if this is the case, will it be a bit confusing.
But as long as you understand, foreign exchange bonds are an important means for banks to accumulate foreign exchange reserves in a frantic manner.
You said that the Chinese are so smart, do you have any chances?
For example, why do I want your bank to make such a sum ~ EbookFREE.me ~ Can I deal directly with foreigners?
Foreigners directly exchange US dollars into Renminbi, they can still earn a little more. If we directly exchange Renminbi into US dollars, we can still lose a little, is this not good? is it not OK?
of course can!
But there is one thing. Foreigners who come to China must report how much cash they bring. Once they find out that they are hiding, they will be punished very severely.
Moreover, foreigners. Most of them are not used to cash, and they do n’t have much cash on their body. If they want to use money, they usually go to the bank to get as much as they want. .
When they were withdrawing money, the bank side naturally exchanged US dollars for foreign exchange certificates and gave them to them.
In the process, they have no way of accessing their dollars.
Such a way of doing things, if it is 40 years later, there must be a sense of collapse of the "day dog", but now it is the same, you can only adapt if you don't like it.
Therefore, even the most powerful scalpers, not the US dollars, but the foreign exchange certificates.
In this way, it is only those ordinary people who need US dollars that increase the cost, not others.
The bulls have been making a lot of money. After 2006, the renminbi continued to appreciate, and the bulls exchanged for dollars gradually disappeared at the door of major banks.
Yin Jun obviously would not like this kind of policy. On the contrary, he felt a bit upside down.
But if you put it at this stage, it seems necessary to do so in order to seize every opportunity for development.
It's not just the people who are in poverty, they are also in poverty, even the country is in poverty! !
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