Depreciation of Euro was rejected by farmers in Zhejiang Qingtian City Farmers Market Diesel Generator | Diesel Generator Price / 2010-07-22
The euro has rapidly devalued this year. Thousands of miles away from Qingyuan, a hometown of overseas Chinese in Zhejiang Province, also felt the sting of the crisis.
As one of the famous hometowns of overseas Chinese in Zhejiang and even in China, Qingtian is known as the “county city near China from the worldâ€. The county has a population of nearly 500,000, while overseas Chinese have more than 230,000 people, 96% of which are concentrated in Europe. Spain, Greece, and Italy dominate.
After the European debt crisis erupted, the depreciation rate of the euro in half a year was close to 20%, and the actual value of the euro sent by many Qingtian overseas merchants was also shrinking; the European economy was in recession, many Qingtian overseas engaged in clothing, small commodities and other catering industries Businesses, bleak business operations, and even substantial losses, many people have begun to evacuate Europe.
The reporter saw at the door of the Bank of China Qingtian Branch that many citizens who came to exchange euros took a look at the euro and shook their heads and walked away. “The son sent me 5000 Euros in February this year, but the exchange rate is so low, and the difference is quite a few thousand! I still wait!†Mr. Chen, who lives in the community under the Qingtian Tower, lamented.
The staff of the Bank of China Qingtian Sub-branch revealed that some time ago, 100 euros were exchanged for less than RMB 900 yuan. However, now the situation is the opposite. As long as it rises to 100 euros against the RMB 900 mark, the bank lobby will be exchanged. The citizens of the euro are crowded.
From the beginning of December 2009, the exchange rate of the euro against the yuan has been falling all the way from about 1:10.3 to the current level of about 1:8.35. In just over six months, the depreciation rate has approached 20%.
"Generally Qingtian people can take out several Euro banknotes." According to Zhu Enxian, deputy director of the Qingtian County Propaganda Office, some overseas Chinese come back and carry Euros. They can use Euros directly at restaurants and cafes in Qingtian. Can even buy food at the farmers' market.
However, since the beginning of this year, with the accelerated depreciation of the euro, people’s attitude towards the euro has changed significantly.
In a farmer's market in the center of Qingtian City, although the stall owners are well aware of the day's euro prices, they reject the euro. In the cafés where euro spending had become more popular in the past, cashiers are no longer willing to continue accepting the euro.
Many Qingtian overseas Chinese businessmen doing business in Europe are returning to their hometowns on a small scale because of poor management. What is different from the past is that many of the returned overseas Chinese businessmen are quite low-key.
Spain’s Qingtian Overseas Chinese Army admitted that when they returned home to visit their relatives in 2007, they had to spend 30,000 yuan on hometown friends and relatives for dinner in just 3 days. And this time, I asked my friends to eat at home. I didn't go to the hotel any more.
"Now we spend more time on how to deal with this crisis. We basically do not care for entertainment. To return to our hometown is mainly to do things, rather than resort to it as before." Italian overseas Chinese Guo Jun said that as the euro shrinks, Consumption must be cut by income.
It is understood that Dutch Airlines has just recently opened a flight from Amsterdam to Hangzhou, just over a month time, the attendance rate reached 80%, of which more than 50% are Qingtian or Wenzhou overseas Chinese. “The sales of this route in Spain are particularly hot,†said Mei Shi, manager of Zhejiang Airlines at Holland Airlines, who told reporters that Spain is one of the European countries where Qingtian’s overseas Chinese are concentrated. (Finish)
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