Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Saturday, January 21, 2012

Good Luck in the Year of the Dragon - Now Give me the Money!

Chinese New Year is upon us. Tomorrow night, the Chinese New Year celebrations will start to celebrate the arrival of the year of the dragon. Out with the rabbit, we're now into the dragon.

Dear friends, I wish you 龙年吉祥, or lóng nián jí xiáng, good luck in the year of the dragon!

Thomas got a hongbao, a red envelope, at school. The little red envelopes contain money (or in Thomas' case a chocolate coin) and are passed around to give each other good luck.

I just learned that the fireworks are used to scare off the evil spirits. Interesting. I knew there had to be a reason to blow a bit of money for some noise and air pollution :-)  

Our house is also appropriately decorated, thanks to our ayi Ms Li. Hopefully the decorations will bring us lots of fortune in the coming year! 


Welcome to 203 Beijing Riviera. The red banners are all supposed to bring in happiness, money, and luck. Hurrah!



Good luck to us.




Lots of money please! 

Seriously, the Chinese are kind of into the "give me money."  One of their New Year's greetings is also "Gōng xǐ fā cái, hóng bāo ná lái", which means "Happy New Year, now give me a red envelope (with money).  :-)



Can these bring good luck too?



Come in! Come in!

In het nederlands: Het jaar van de draak begint maandag. Ons huis is alvast mooi versierd (net als alle Chinese huizen) om al het geluk en geld (!) ons huis in te halen! Wij halen die stroken papier aan het eind van de festiviteiten (over zo'n twee weken) wel weer naar beneden, maar veel Chinezen laten ze gewoon het hele jaar hangen. Dat brengt misschien wel extra veel geluk. Gelukkig nieuwjaar allemaal!


Thursday, December 23, 2010

Banking on Your Bank Account

Yesterday was another milestone on the path to.... well, on a path. I am not sure what path.

Bank of China logoIn any case, yesterday I opened a Chinese Bank account. It was a relatively painless experience, even though I had to come back twice.

(Going to a bank here can be pretty frustrating. Once I had to wait for two hours to deposit some money in an account. We also go to the Bank to pay our phone bill, which can take up to an hour.)

The first time I went in for my account, I just noticed that the process was very labor and paper intensive. I must have signed about 20 little papers and keyed my new pin-code in about 30 different times.

The second time, I had to come back because something was wrong with my name.

Of course, the--to a Chinese eye--six names in my passport are very confusing. Three first names (Anna...M...H....), and three pieces for a last name (van...der...Heijden). They had only used my first first name to set up my account, but they had to change it, to include all three first name, so the account information would be identical to my passport. (We would not want to make it too hard on those people who are always carefully reviewing your personal information.)

Incidentally, as I was Googling (as you do) to find the Bank of China Website, of course Wikipedia with its unbelievable supply of information popped up first. I don't think there is a Bank in the world with more history than the Bank of China in just one little century:

From Wikipedia:

Bank of China's history goes back to 1905, when the Qing government established Daqing Hubu Bank (in Chinese: 大清户部银行) in Beijing, which was in 1908 renamed to Daqing Bank (in Chinese: 大清银行). When the Republic of China was established in 1912, it was further renamed as Bank of China by President Sun Yat-sen's government, adding a new role of the central bank.

After the Chinese Civil War ended in 1949, the Bank of China effectively split into two operations. Part of the bank relocated to Taiwan with the Kuomintang (KMT) government. It was privatised in 1971 to become the International Commercial Bank of China (中國國際商業銀行). It has subsequently merged with the Taiwan Bank of Communications (Chiao Tung Bank, 交通銀行) to become the Mega International Commercial Bank (兆豐國際商業銀行). The Mainland operation is the current entity known as the Bank of China.


Wow, I am feeling exhausted just reading this. I hope my new Bank account will outlive the next revolution :-)

Wednesday, November 17, 2010

Ah, those rich people!

Earlier this week I learned with a shock that by no means are we (we, meaning the foreigners with international jobs) the upper class in town. Wow. This is of course shocking on two levels. First, that we (the four of us) would even be in a place where we can feel so rich. And second, that in the end we are not.

On the first point, I have to admit that compared to the average Beijing population, we are in good shape. The fact that we live in a big house, employ two people, and put our kids in expensive international schools, sort of gives it away. (People at the markets seem to clearly know this, and usually offer me a "best price" ten times higher than a Chinese person might be offered.)

But, as it turns out, we are no match for the rich Chinese around us. When I was at a doctor's office recently (nice, Western-style doctor's office by the way), I was paging through a glossy magazine about all kinds of fancy items you don't need, but most certainly must buy, should you ever find yourself having a lot of money. Like what, you wonder? Well, how about this tag (picture on right) that covers your pet's unsightly butt. (Never thought of that before? Clearly, you are soooo middle-class!)

The magazine also helps you with such life-or-death questions as what 3D television to buy for your children (picture below). I mean, that is the kind of question we all would like, rather than the "I wonder how I am going to do my school work, while taking care of mom and grandma" question 8-year-old Zhang Chengcheng is trying to answer every day.

So I bet these rich Chinese -- The "one million most rich Chinese families" to be precise (see magazine cover) -- would not bat an eye at the entrance fee of 450 RMB to enter a certain fancy indoor play area in Beijing. Granted, it is a gorgeous play area, but really, 450 RMB (about $68 and €50) for an afternoon of play? I was at another indoor play area myself, when some other moms and I were discussing this exorbitant fee.

Apparently too, the managers at this fancy play center have no problem at all filling the space. It’s just a really exclusive club for really exclusive kids. (Mind you, the fact that most Chinese families have only one child, does make it a little easier to cough up the entrance fee. The fee covers one child and two parents. If you go with two children and one parent, you pay double the price).

I won't dwell much further on this rich-poor discrepancy, but if you are interested, this NY Times article is a nice one to read: A China Newly Rich and Still Quite Poor. The article states that while "[o]fficial data put the richest 10 percent of Chinese at 23 times richer than the poorest 10 percent”, a recent study indicates this number is more likely to be 65 rather than 23. (By comparison, the same number is 15.9 for the United States and 6.9 for Germany.) China of course is not the only country with very rich and very poor, but it might not be the first thing you think about when China comes to mind.

With that, I am going to have to write an end to this post. My ayi is busy in the kitchen, my driver is on the way, and I am going to check out one of the local markets with a friend. Seriously. I couldn't make up this new life, even if I wanted too.


Lame old regular indoor play area for regular kids.


The question Zhang Chengcheng would like to ask himself.


A regular boy doing a regular kind of activity (such as flying a chopper in an indoor play center).


A "Villa Life" Magazine, with news-breaking items like the butt-covering tag.


Doctor's office.


Regular boy waiting for his medical treatment.(DC readers: Notice the Murch Puma soccer shirt - now in fashion in Beijing!)


If I was a very wealthy Chinese, I would actually buy this piece of art created by Jean Luc Cornec. It was the best page of the whole magazine.

Monday, October 25, 2010

The People's Money

As I mentioned in my last post, life now is starting to revolve around regular family-type events, like soccer, school, and work. Having said that, however, there’s plenty of new things that are now part of our lives.

Yesterday, for example, I carried a big heavy envelop full of cash to my language school, to pay for my next set of Chinese classes. Most places prefer cash over bank transfers, as cash is faster and more reliable than transferring funds between banks. I've heard that especially between banks in the SAME city this can be quite problematic. As a result, I dragged around a huge pile of 100 yuan notes. Good thing I had a big bag, because it did not fit in my wallet.

By the way, there are actually three names that are used for money here. The currency itself is called RMB, which stands for Renminbi, "the people’s money". The main unit of it is the yuan, but in spoken Chinese (at least here in Beijing), people say “kuai” instead of yuan. So a replica of an ancient Ming vase will be 5000 kuai (or perhaps 200 kuai if you negotiate it down to a reasonable level).

One yuan can be divided in 10 jiao (sort of like a dime or a “dubbeltje” if you will), which in normal life is called a mao. You can see some notes of 1 and 5 jiao in the pictures below.

One thing I had to got used to with the money (other than the physical effort involved in carrying all those notes) was how prices are described. If something is $1.50 or €1,50, you simply say something like “one blah blah fifty”. But if something is ¥1.50, you actually don’t say "one yuan fifty", you say “one yuan five”. And along the same lines, ¥1500 would be called "1 qian 5" (qian = 1000). Interesting, huh?

Please do check out my money in the pictures here -- on the right is the pile of notes for my language school. (Thieves take note: the money is already gone!)

5, 10, 20, and 50 yuan notes:


1 jiao (the "dime" or "dubbeltje"):


5 jiao: