Chinese Currency (Yuan): China is a country situated in Asia part of the world which became a country in 1960. Currently, the industrial outburst that took place in China boasted their countries economy.
It was recorded that in 1960 they had no record of countries Annual Growth Rate owing the fact that they are just a newly created country as of then until 1961 when they kicked off with -15.35 Annual Growth Rate and 75.8058 GDP per Capital.
In the year 2008, Chinese G.D.P. amounted to 28.74 Annual Growth Rate and G.D.P. per Capital of 609.6567.
Let me explain some terms because I know it will sound so strange to some people.
- D.P. -It an abbreviation of Gross Domestic Production and it is used to check the total number of countries productions or goods sold and their monetary value. Most times, when countries like China, the U.S.A. and Germany increased the price of their products, it is because of their countries. G.D.P. increased drastically, which means that many people around the world are looking for their products.
- G.R. – This means Annual Growth Revenue which is all about the increase in the prices of products or goods within one year. The difference between Gross Domestic Production and Annual Growth Revenue is that record of G.D.P. can be taken at any time while that of A.G. R is being made annually. A.G.R. is just the same way a businessman takes his stock and balance his ledger for the year after business.
The reason why I have to write on Gross Domestic Production and Annual Growth Rate is that it affects countries economy to a greater extent and as such affects the value of their Currency. In 1960, 1 United states dollar was sold for 2.46 yuan.
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On Wednesday 31 December 2008 1 U.S. Dollar was equivalent to 6.8225 Yuan. Having known that Chinese Currency fluctuates with time, it will be nice if you get this knowledge at the tip of your finger most especially if you’re travelling to China for one business or the other. Also, no experience is a waste you never know what the future holds for you.
THINGS TO CHECK BEFORE TRAVELLING TO CHINA FOR BUSINESS
For those travelling from Nigeria to China, the first thing you will need to know about the Chinese currency (Yuan) for business is to see the conversion rate that is the current rate of Yuan to Naira.
This is the reason why you will see two persons doing the same type of Business buying from the same country, but one is making a profit while the others are incurring a loss. The secret behind it is that the one that makes a profit does his conversion well before transacting while the other does not carry out proper currency conversion.
Another thing you need to know about Chinese Currency for business is that after conversion you check it with the goods you want to buy and what you will sell per unit.
I was discussing with a friend of mine that imports fabrics from China and he were telling me that he travels to China with his conversion gadgets that anytime they see the goods he wants to buy he will price it and then convert it at that spot before divide it per unit price in Naira before buying that if it is not favorable or profitable to him he will not buy it and look for another product that is profitable to buy.
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We all know that the Chinese Currency (Yuan) fluctuates, and sometimes it goes up without coming down, and it can also come down without going up.
In this case, you check the rate of yuan to Naira, if it increases you wait till it comes down before you buy or if you know that when you buy it at a high price you will be able to sell, then you purchase because it will make no sense after buying goods from china without selling it. In business, the joy of business is turnover no matter how little the profit may be.
Having known the proper things to put in place the net thing is how to carry our money to china for business (I just decided to use the word carry because if you’re going to china for the company, you don’t move with a token)
How to proceed with money
If you’re travelling to China for any type of business, please don’t ever go with Naira or other local Chinese Currency (Yuan) because you might end up not seeing where to change it to Chinese Currency thereby returning without buying anything.
What you do is to change your Naira to Dollar though there are limitations on the amount you travel with. Currently, you cannot go with more than $10,000 (Ten Thousand Dollars).
So what you do is to change it in the bank or any bureau the change outlet with these your secured. When you get to China, you may need to change it to their local Currency which is yuan or sometimes even buy with Dollar, but they prefer their money because it will boost the value of their Currency.
When you finally see the products you want to buy, you need to do a little mathematical analysis before purchasing any product, i.e. calculating the profit and cost price of every single product before buying so to enable you to know the unit price you will sell.
While doing these, some businessmen do forget to add the cost of flight charges to their product, and it will affect the unit price of their product.
There is also a way by which you can move out with any amount of money you want without anybody seeing you with cash.
The world is seriously going digital, and I believe that cryptocurrency is accepted worldwide, mostly in China. In the world of crypto, you do not have a maximum amount you can have in your wallet which means that you can convert any amount you want to crypto and when you get over to china you use it for your transactions.
In this method you don’t need to stand a long queue in the bank waiting for your turn to withdraw, you’re not signing any check or being questioned before releasing your fund.
What you do is just to sign in get the persons to transfer address and send the amount of crypto that you want, it will not take up to five minutes to arrive even if you are sending one million Dollar in cryptocurrency.
But before using this method you have to make sure that the person you’re buying from accepts cryptocurrency before purchasing, it is also advisable to use it immediately after conversion to avoid currency fluctuation.
This method is suitable for those that already have business partners or customers in China that they send their request of the type of product they want, and they will ship it to Nigeria.
I believe that this information has done justice to everything that has to do with the Chinese Currency and how to do business with it.