Fu Zi Miao - A trendy retail strip near an ancient Confucian temple in Nanjing, China. Old meeting new and all that. Some videos:
Saturday, January 13, 2007
Friday, January 12, 2007
No! Really! We REALLY don't want Hong Kong dollars!
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.
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.
Tuesday, January 2, 2007
No thank you to Hong Kong dollars!
Having spent the last three years or so in the Shenzhen Special Economic Zone (across the border from Hong Kong), I became accustomed to using Hong Kong dollars (HK$) occasionally for anything from taxi fares to meals. In the near past, the HK$ seemed to have a bit of a cachet in Shenzhen.
However, in the last four months or so, with the rapid appreciation of the Chinese yuan (or renmibi, RMB), the HK$ has fallen out of favor -- and fallen hard. The RMB was pegged at about 8.2 / US$1 , but now is on par with the HK$ at about 7.8 / US$1. I think consumers realize instinctively that the RMB will appreciate further as well.
As a result, Chinese in Shenzhen now eschew the HK$. You almost can't give the stuff away! Case in point, a recent taxi fare came to RMB 20.6. I gave the driver a RMB 20 note and a HK$2 coin. All I had. The driver refused the coin although that would have been a rather robust tip by Mainland Chinese standards (tipping of any sort is not done in China). He said "I can't give this away."
However, in the last four months or so, with the rapid appreciation of the Chinese yuan (or renmibi, RMB), the HK$ has fallen out of favor -- and fallen hard. The RMB was pegged at about 8.2 / US$1 , but now is on par with the HK$ at about 7.8 / US$1. I think consumers realize instinctively that the RMB will appreciate further as well.
As a result, Chinese in Shenzhen now eschew the HK$. You almost can't give the stuff away! Case in point, a recent taxi fare came to RMB 20.6. I gave the driver a RMB 20 note and a HK$2 coin. All I had. The driver refused the coin although that would have been a rather robust tip by Mainland Chinese standards (tipping of any sort is not done in China). He said "I can't give this away."
Saturday, December 30, 2006
Great Asian Internet disruption of 2006 continued
Although 90% of the sites I visit are not affected, I have noticed that sites hosted in Hong Kong or Mainland China are loading VERY slowly indeed. Sites and e-mail accounts hosted over there.
Furthermore, many friends in Hong Kong and China continue to complain that maybe they can get Skype to work, but not MSN Messenger and that foreign sites (such as blogspot blogs) load very, very slowly for them if at all.
Furthermore, many friends in Hong Kong and China continue to complain that maybe they can get Skype to work, but not MSN Messenger and that foreign sites (such as blogspot blogs) load very, very slowly for them if at all.
Thursday, December 28, 2006
Great Asian Internet Disruption of 2006
The earthquake last night near Taiwan seems to have caused quite a lot of Internet access issues:
My colleagues in China report huge problems accessing foreign sites and Hotmail and Yahoo mail. I, in Taipei, Taiwan, however, have had absolutely no problems today accessing any of the "usual suspect" sites such as Yahoo, Google, Gmail, Blogspot, Techcrunch, etc.
One friend in Taiwan indicated that he is accessing Web sites rather slowly though.
My colleagues in China report huge problems accessing foreign sites and Hotmail and Yahoo mail. I, in Taipei, Taiwan, however, have had absolutely no problems today accessing any of the "usual suspect" sites such as Yahoo, Google, Gmail, Blogspot, Techcrunch, etc.
One friend in Taiwan indicated that he is accessing Web sites rather slowly though.
Friday, December 8, 2006
Friday, October 6, 2006
Friday afternoon stroll through Shenzhen
A random walk through Shenzhen, Guangdong Province, China on a Friday afternoon.
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