Re:China's Zombie Economy
by fuoqi on Sunday August 06, 2023 @12:14PM
(#37023457)
In Russia you have to convert 25-30% of your earnings nominated in foreign currencies (it was 50-80% in 2022, but got relaxed since then) and you do it on a somewhat open market. IIUC in China the requirement is much stricter and the exchange rate is effectively pegged against USD.
[ Parent
| on HN ]
Re:China's Zombie Economy
by throwaway290 on Sunday August 06, 2023 @01:13PM
(#37024231)
Well as a freelancer I know first hand that accepting, legalizing and keeping hard earned foreign dollars was difficult enough that I couldn't justify the effort... and this was even before the war, now that dollars cannot be even bought freely in an open market it's probably worse and more paperwork and roadblocks