Employees from overseas ask to be paid in rmb
| The value of the Renminbi (RMB) yuan against the U.S. dollar hit a new high Jan.16 with a central parity rate of 7.7895 yuan to one dollar, according to the Chinese Foreign Exchange Trade System. |
| Chinanews, Shanghai, Jan. 18 – Renminbi appreciation not only brings a far-reaching impact on Chinese economy, it also has changed some people's daily life.
For people who receive their salaries in foreign currencies, the fluctuating exchange rate of Renminbi means more than a mere change of figures. It would also mean that their salaries have become more or less diminished in a month. Now more and more employees from overseas working in China require their bosses to pay their salaries in Renminbi, Shanghai Securities Journal reported. It is said that most of these staff members are managers in their companies whose monthly salaries are usually worth around dozens of thousands of yuan. When the value of Renminbi keeps rising, it would mean that their salaries, which are usually paid in Hong Kong dollars or US dollars, will continue to shrink. “My boss doesn't give me a salary raise, but the Renminbi appreciation does increase my salary,” said Cheng Shaoyu who works in the mainland from Hong Kong. Cheng has been working in an auto model company for more than five years. He now earns 20,000 yuan every month. Compapred with 2005 when Renminbi did not appreciate then, he now earns at least 1,000 more after converting his Renminbi payment into Hong Kong dollars based on the current exchange rate. Many Hong Kong people working in the Pearl River Delta region are paid in Hong Kong dollars. Now they feel that they will suffer from some financial losses if paid in this way. For foreigners who receive their salaries in US dollars and Japanese yen, they also ask their bosses to pay their salaries in Renminbi. The general managers of some foreign companies say that in the short run, they will still pay their staff in the type of currency specified in their contacts. They will consider staff members' requirement for changing the way of their payment. However, a more reliable way for payment will usually be the one that is specified in their contracts.
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