picture of bank notes - shopping in Shanghai

15

Sep
2016

Mao on the notes

Posted By : admin/ 1207 0

When I came to England, I often got caught out to answer the queries from my tutors and fellow students. Once on my dentist coach, my dentist suddenly quizzed ‘how do you think of Mao?’, when I was looking up the ceiling with mouth widely open. I am not of the generation who put political events robbed away their youth. I didn’t satisfy people’s curiosity over the analysis about Mao.

On the other hand, it is a complicated subject to discuss Mao, in an objective way. Mao was in the conversation then, his images have been on the Chinese bank notes ever since. Chinese economy was rapidly becoming the ‘World workshop’. The currency of Chinese yuan is thirteen-ish to one pound. In the peak, one pound reached a value of 16 yuan.

How time changes, fast forward Chinese economy has superseded the UK, Germany, Japan, it sits at the second row on the global GDP wealth table now. So, where is the value of Chinese currency? A couple of years ago, a pound could get ten yuan or a bit more; then post Brexit, a pound is now roughly 8.7 yuan. Apparently, one pound has halved the value that it was.

It may appear that your money does not go as far as it did. On the other hand, it presents great opportunity for export. With pound tumbling, UK export can sell more to the market.

The Chinese are craving for luxury goods and sophisticated service, this is a new age for anyone who embarks a path to empower businesses. Today, major businesses have established their presence in China, there is still plenty of room for the new start ups or SMEs, this is the market you cannot ignore when you want to survive and grow, especially anything luxurious.

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