The big news is that the RMB has hit parity with the Hong Kong dollar. The Hong Kong dollar has been fixed since the 1980's at 7.8 to US$1. Yesterday, the Chinese Yuan hit 7.8 to US$1.
The results were to be expected in Shenzhen. Sure enough, I was in a taxi. I gave the taxi drive a choice -- break a big ole RMB 100 note or accept a HK$20 note. He could not decide but really did not want the HK$. I tipped him RMB 0.50 and then he accepted the HK$ reluctantly.
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