Maos for Benjis: Chinese Money is Here

January 18, 2011 - 11:45 AM | by: Eric Shawn

The Chinese currency war has invaded America.

<a href="http://www.dreamstime.com/china-business-yuan--rimage16941995-resi349473"><img src="http://thumbs.dreamstime.com/thumb_556/1289582399e54WoT.jpg" alt="China Business yuan." border="0"></a><br><strong>© Photographer: Ginasanders | Agency: Dreamstime.com</strong>

A major issue that will be discussed during Chinese President Hu Jintao’s visit to the White House is the disputed value the Chinese currency, the yuan. Yet people can now get the yuan right here.

The state run Bank of China now lets customers exchange dollars for the Chinese money at the branch in New York City’s Chinatown. So instead of withdrawing greenbacks with George Washington or Abraham Lincoln, you can now stuff your wallet with money that has the engraved portrait of Mao Zedong.

Account holders can cash in up to $4,000 a day, with the limit of 20 grand a year. If you don't have an account, you can only cash in half those amounts.

Analysts say letting Americans buy the Chinese currency is a way for China to expand the yuan as a global force and spread its influence, at a time that Beijing is under heavy criticism for undervaluing its currency by what is estimated as much as 40%

Read more: http://liveshots.blogs.foxnews.com/2011/01/18/maos-for-benjis-chinese-money-is-here/#ixzz1BPq9gF45

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