Time to exchange for Chinese Yuan for June Holidays !

So I will be traveling to China for the upcoming June holidays and would need some hard currency (RMB). From the chart, we can see in Nov last year, it breaks above nicely only to see it falters back to the 5.10 price range .........

Will history repeats itself ? I don't know but if you put a knife on my neck and force me to make a wild guess, I would lean towards a bullish stand. Reason being China economy is improving quarter to quarter. We are just seeing the tip of the iceberg as China has just come out of its 3 years lock down. Imagine the amount of money that is held back and these Chinese are roaring to travel, to spend these money on food, themeparks, hotels, luxury products, cruises, duty free goods, etc.

Note

channelnewsasia.com/singapore/china-visa-free-facility-flights-restore-pre-covid-lawrence-wong-3494656

So my prediction was WRONG ! I was hoping the Chinese government to allow visa free entry for Singaporeans to visit China (just like pre Covid time) before the school holidays commence. Sadly, it has not happened and the holidays are here.

Nevertheless, there will be thousands of people traveling to China this holidays. Group tours, visiting family and relatives, business trips, etc. This should be good for China as it helps to boost its local economy, hotel, F&B, entertainment, tourism, duty free goods, etc

Note

scmp.com/week-asia/people/article/3228902/singaporeans-feel-joy-peace-mind-15-day-visa-free-entry-china-resumes?module=more_top_stories_int&pgtype=homepage

after 2 months, they relented .

Note

if current support level does not hold, we are seeing the strengthening of Yuan especially next year and it will revisit the next support at 5.20

dchua1969

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dchua1969