Downward Motion
October 23, 2008
When we first arrived in China way back in February of 2003, the exchange rate between the Canadian dollar and Chinese Renminbi was at 5.2-1 (5.2rmb=$1). Soon after, the rate took off for us and, basically, for the past couple of years we have been able to enjoy as much as 7.5-1 in our favor - these we will look back upon now as the glory days. Because recently, the exchange rate is back down at 5.5-1 and falling very quickly with each passing day. On October 1st (when our pay period kicks in) our paychecks were at 6.5-1. When you add in the cost of inflation to this trend, China has become a little bit more of a costly of a place to live. Now, obviously things are still very good here and I am not certainly not complaining, but there is no question the winds of change are quite noticeable in our wallets (when Kristin allows me to carry mine!)
