On a RTHK radio finance talk show just now, the DJ and show guest were discussing the merits of the recent decision by the local and mainland Governments to allow local Hong Kong banks to transact the Chinese Yuan directly.
The guest mentioned that the Chinese Yuan is on the rise, there is a low inflation rate in China, and the saving interest is relatively higher than the Hong Kong dollar, so the DJ concluded that it is a safe bet and a good investment to start exchanging HKD to CY and safe CY instead.
The guest said that when the deal look so good, the banks would tag on a hefty levy on the exchange. The DJ then suggested to do the exchange in the mainland China instead, where underground exchange can be done over the phone for up to a million HKD. They then suggested that to avoid getting fake money and to bring the huge sum of money from the mainland back to HK, one can ask one’s cousins and other family members to help!
Sure, the cousins will do all that for free or for less than local bank exchange levy, and have ways to much sure they don’t get robbed and lose everything.
Some financial suggestion. With such “easy” tasks, why not just start money laundering where one doesn’t even need to use one’s own money?!
WhaUSay?!