Tianjin - Day 5 (5/29/09)
Today was a very nice and relaxing day (first one in a while and best one overall). We had some Chinese bank employees come from SPB Bank to answer some of our questions. I was surprised when I learned that 3/4 of them were MIS majors in college; being that they're in mainly the finance industry now and only one of them had a finance degree. This really does illustrate China's need for persons with a finance degree and I see how far organizations are willing to go to get them. They also nicely explained how the Chinese economic situation was performing, and it is doing relatively well compared to the rest of the world. The increase of the value of RMB has affected the export companies in China the most and is causing a lot of them to go out of business due to the fact that foreign countries have to pay more for their goods because their monetary unit is worth significantly less than it used to be compared to RMB (hence the Chinese goods are costing them more money). It is amazing how well China is thriving during this economic downturn, it's probably one of the few places in the world that currently is doing alright.