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Chinese "Currency"

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Lucky Cuss's Avatar
United States
4883 Posts
 Posted 08/21/2014  7:33 pm Show Profile   Bookmark this topic Add Lucky Cuss to your friends list Get a Link to this Message Number of Subscribers
My thought is that this represents some sort of tourist script, officially issued in exchange for foreign currency (and therefore at a disadvantageous rate vis a vis what might be otherwise obtainable). Or does it serve some other purpose?

Chinese-

Chinese-
Colligo ergo sum
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Sap's Avatar
Australia
16832 Posts
 Posted 08/21/2014  8:30 pm  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
Correct.

Many communist countries issued "visitor money" or more formally a "foreign exchange certificate", only available to foreigners and only exchangeable into "normal" money of that country by individuals licensed to be handling them. Converting it back into foreign money again was also tightly controlled, if not outright forbidden.

The theory is to protect the purity of the revolution by preventing foreigners from being able to bribe locals with local money. In practice, it had much more to do with preventing the operating of a foreigner-driven black market and to create an artificially high exchange rate advantageous to the government issuing the notes, allowing them to extract as much hard currency from the tourists as possible.

North Korea was so paranoid at one stage that they had two different sets of "visitor money" made: one set for use by Western capitalist tourists, the other for use by tourists from fellow communist countries.

China no longer issues such notes. The only "visitor currency" still in use today is Cuba's convertible peso, and even this is being phased out.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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Peter THOMAS's Avatar
Australia
2830 Posts
 Posted 08/22/2014  1:56 pm  Show Profile   Bookmark this reply Add Peter THOMAS to your friends list Get a Link to this Reply
I first visited PRC in 1997.
I gather that the FEC had been withdrawn fairly recently at that time.
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Angielczyk's Avatar
Israel
423 Posts
 Posted 08/23/2014  3:36 pm  Show Profile   Bookmark this reply Add Angielczyk to your friends list Get a Link to this Reply
I was there in 1991 and still have a few FEC's from that time
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halfdollardan's Avatar
Canada
448 Posts
 Posted 08/26/2014  12:26 am  Show Profile   Bookmark this reply Add halfdollardan to your friends list Get a Link to this Reply
nice looking noted
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