{"id":50627,"date":"2022-02-16T15:00:45","date_gmt":"2022-02-16T06:00:45","guid":{"rendered":"https:\/\/www.dailynk.com\/english\/?p=50627"},"modified":"2022-02-16T15:04:33","modified_gmt":"2022-02-16T06:04:33","slug":"north-koreans-with-foreign-currency-appear-welcoming-restart-china-north-korea-freight-train-service","status":"publish","type":"post","link":"https:\/\/www.dailynk.com\/english\/north-koreans-with-foreign-currency-appear-welcoming-restart-china-north-korea-freight-train-service\/","title":{"rendered":"North Koreans with foreign currency appear to be welcoming restart of China-North Korea freight train service"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As exchange rates in North Korea soar with the restart of China-North Korea freight train service after a two-year hiatus, a source says there are signs North Koreans with foreign currency are welcoming the development.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A source in Yanggang Province told Daily NK on Tuesday that some residents in Hyesan are welcoming the rising exchange rates because they can now buy five kilograms more of rice with RMB 100.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As recently as Jan. 11, the yuan was trading at KPW 600, while the dollar was trading in the KPW 4,000 &#8211; 5,000 range. Since around Jan. 20, however, rates have been soaring, with the yuan reaching KPW 850 and the dollar KPW 6,400.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Demand for foreign currency has been climbing due to the restart of China-North Korea freight train service last month and recent widespread talk of so-called \u201cstate-led smuggling\u201d in the border regions of Yanggang Province.<\/span><\/p>\n<figure id=\"attachment_49095\" aria-describedby=\"caption-attachment-49095\" style=\"width: 300px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-49095 size-medium\" src=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\uace1\ubb3c\uae30\uc0ac\uc0ac\uc9c4-300x161.jpg\" alt=\"\" width=\"300\" height=\"161\" srcset=\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\uace1\ubb3c\uae30\uc0ac\uc0ac\uc9c4-300x161.jpg 300w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\uace1\ubb3c\uae30\uc0ac\uc0ac\uc9c4-1024x550.jpg 1024w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\uace1\ubb3c\uae30\uc0ac\uc0ac\uc9c4-768x413.jpg 768w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\uace1\ubb3c\uae30\uc0ac\uc0ac\uc9c4-696x374.jpg 696w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\uace1\ubb3c\uae30\uc0ac\uc0ac\uc9c4-1068x574.jpg 1068w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\uace1\ubb3c\uae30\uc0ac\uc0ac\uc9c4-781x420.jpg 781w, https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2021\/07\/\uace1\ubb3c\uae30\uc0ac\uc0ac\uc9c4.jpg 1200w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><figcaption id=\"caption-attachment-49095\" class=\"wp-caption-text\">Various kinds of grains being sold in Yanggang Province markets. (Daily NK)<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">While exchange rates have soared on the back of expectations of revived trade, food prices have fluctuated little, remaining around KPW 5,000 for a kilogram of rice.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Last month, RMB 100 could buy you 12 kilograms of rice, but now, you can buy 17 kilograms.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Likewise, RMB 100 could get you 1.76 kilograms of cooking oil last month, but now it gets you 2.56 kilograms. So, locals with foreign currency naturally welcome the climbing rates, according to the source.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other hand, many people are apparently trying to hold onto their foreign currency without spending it. This class of people has been paying for food using local currency, just as before.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The source said there is even speculation that the exchange rate will climb further based on rumors that trade will quickly return to normal. He added that more and more people are waiting, believing now is not the time to part with their foreign currency.<\/span><\/p>\n<p><em>Please direct any comments or questions about this article to dailynkenglish@uni-media.net.<\/em><\/p>\n<p><em><a href=\"https:\/\/www.dailynk.com\/20220215-5\/\">Read in Korean<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As exchange rates in North Korea soar with the restart of China-North Korea freight train service after a two-year hiatus, a source says there are signs North Koreans with foreign currency are welcoming the development.\u00a0 A source in Yanggang Province told Daily NK on Tuesday that some residents in Hyesan are welcoming the rising exchange [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":50593,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[67,645,649],"tags":[],"class_list":["post-50627","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-economy","category-china-north-korea-border"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v28.1) - 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