Phil
- 2004-12-30
Actually, the RMB is undervalued...which is why goods there are so cheap overseas. When they actually value the currency based on the true strength of the economy, then the RMB will fall...and if you're paid in RMB, it will be worth less in USD. Dig?
The Voice of Experience
- 2004-12-22
...doubt it for a moment!
Merry Christmas and a Happy New Year to you too! 
Mike D
- 2004-12-21
In the post prior to this I was referring more to the large fees or commissions the banks charge rather than the actual exchange rate. It is my experience that fees charged for sending money out of China to a bank in USA or Canada are high.
I hope that makes things a bit clearer.
Merry Christmas and a Happy New Year to all the readers on this board. 
The Voice of Experience
- 2004-12-21
Exchange rates are very poor here?
I don't think so. The renminbi is pegged to the usd, so exchange rates are standarised across the country.
Anyway, most people - local or otherwise - who want to buy dollars do so from the freelance moneychangers, who - i might add - are generally more than willing - nay - encourage you to do the transaction with them in a bank so that you may, at the bank, check and even swap the US bills they are offering you so that you can be assured of getting real ones.
In fact exchange rates are very good if ur earning rmb, because it is widely accepted that the rmb is way overvalued, and who knows how long that will last.
Mike D
- 2004-12-21
Be wary about using a bank there to change from RMB to US $ ...their exchange rates are very poor. If you use a bank, expect to get ripped off on the exchange rate.
Good Luck with your Rubbie Dubbies 
Dos
- 2004-12-21
If you are working at a legal school and have the proper visas then you are entitled to a certain %age of your money in 'hard' currency. Usually USD is the easiest to get, but teachers here have also had cash in Euros. Not sure about other currencies.
In theory if you have an expert visa then you are allowed to change RMB into other currencies using that, but it isn't always easy. As TVoE said, you can get your cash changed using the touts outside major banks. If you ask your school they will often help you as well.
Just check the money carefully!
The Voice of Experience
- 2004-12-20
You can be paid in another currency here, but probably only if your employers are based in another country.
Getting paid in RMB is the same as getting paid in $US anyway, as the RMB is pegged to the $US, so the official rate between these 2 currencies never changes (which is good news for some at the moment with the $US the way it is).
Everywhere you go in this country you can change your money from RMB into $US unofficially with no questions asked, and usually at a slightly better rate than the one posted at the bank. These unofficial money changers usually congregate in particular areas such as outside the banks or on major thoroughfares; in some places they even have their own permanent premises in full public view. In fact very often you have no choice but to use the unnofficial route to buy your $US, as the bank will refuse outright to sell you any of theirs.
Can anyone tell me if a foreign teacher can get paid in $ ,officially,you know what I mean.
Gerald