Your Chinese Yuan In New York and Other Not So Shadowy Economic Musings
“The New York branch of China’s fourth-largest bank said it now lets companies and individuals buy and sell the yuan via accounts with its U.S. branches, although U.S. businesses and individuals can also trade the currency through Western banks….Yuan deposits in Hong Kong jumped to 280 billion yuan by the end of November from just 63 billion yuan at the end of 2009, and with the likelihood of more trade being settled in yuan in other centers, more pools of liquidity could mushroom” according to the story at Reuters.
Meanwhile, for those in the West befuddled by the dazzling rise of Asia led by China,it helps to remember and please never forget that the grey economy here is estimated as at least 30% of China’s official GDP figures. That’s alot of yuan, and now you can trade them freely in the United States. Note that most of China’s grey economy is in the service sector; think twenty bucks cash for the babysitter on a much, much grander scale and you begin to get the idea. We could easily include plumbers, electricians, handymen, delivery, cooks, waiters and other restaurant staff, computer repair and maintenance services, tutors, nannies, with many of these positions and services reaching high into white collar circles. There’s the stories of HR Directors and Purchasing Managers for companies here setting up side businesses and bank accounts for their contract kickbacks; suffice to say they don’t receive the kickbacks by check or wire transfer. China’s spending power both global and domestic gives her an ability to withstand economic downturns which is a primary reason why I continue suggesting that any bursting of the property bubble won’t create such a crisis as it did back in the U.S. in 2008.
A few months earlier, a thorough and well-documented Credit Suisse report took a big step in identifying the true size and power of China’s hidden in plain sight grey market economy.
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