Chinese Currency War Invades America


Inquiring minds are reading about “Maos for Benjis” in Chinatown, NYC:

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.

This is a milestone.

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