Bank of China offers expanded yuan service

The Bank of China has begun offering its customers in New York City and Los Angeles services in yuan, Bloomberg reports. Services include deposit, exchange, remittance, and trade finance. Business customers may access these services in New York City and Los Angeles, while at the moment individual customers can only access these services at the New York City branch.

What does this mean for travelers? Not much, yet. If you’re one of the many English teachers in China you can send money home more easily, but that’s about it.

It’s the long-term view that’s interesting. China is obviously trying to expand the range of the yuan (also called the renminbi) beyond its borders. In fact, Chinese Premier Wen Jiabao said as much last year when he expressed worry over how much China’s international assets are dominated by the dollar. This move allows international trading in yuan, which is sure to attract more investment and, if it’s successful, bolster the currency’s strength. It’s already at an all-time high against the dollar. The New York branch’s general manager says the move will eventually lead to the yuan being fully exchangeable with the dollar.

This will encourage further investment in China and could lead to more foreign businesses opening up shop there. It would also make it easier for international travel businesses to have offices in China. A yuan that’s strong against the dollar, however, will make trips to China more expensive for Americans.

Tourism is one of the fastest growing sectors in the Chinese economy. More and more Chinese are traveling abroad, and with greater access and use of their currency, those numbers will only increase. The World Trade Organization says if current trends continue, China will have the largest share of the world’s tourism industry by 2020, with 8.6 percent of global revenue.

Could yuan become another international currency like the dollar and the euro? Could we see money changers accepting them in more destinations? Only time will tell.

[Photo courtesy user Polylepsis via Wikimedia Commons]

Treasures of ancient Egypt discovered at bank

The Al-Ahly Bank has recently handed over two hundred ancient Egyptian artifacts that have been sitting in safety deposit boxes for a century.

The artifacts were collected by expats and visitors in Egypt and deposited in the bank in the late 19th and early 20th centuries. They were never recovered and sat untouched for years. The artifacts include Islamic coins and statues of Egyptian deities such as Hathor, pictured here.

Egypt has been fighting for the return of archaeological treasures taken by various countries in the past. Zahi Hawass, head of the Supreme Council of Antiquities, has spearheaded the fight and got an unexpected victory when the bank announced it had artifacts and was handing them over.

The artifacts are now being studied and will hopefully appear in one of Egypt’s museums sometime soon.

[Image courtesy user Néfermaât via Wikimedia Commons. This is an image of a Hathor statue from the Egyptian Museum in Cairo and not one of the recovered artifacts]

Jesse James’ greatest escape

Jesse James was riding high. After the end of the Civil War he had rocketed to fame by committing a string of daring robberies in Missouri and neighboring states. In a region where ex-Confederates still felt bitter over losing the war, this former Confederate guerrilla earned sympathy and support. One of their own was striking back at the Yankees, and it didn’t matter that some people got hurt in the process.

The James gang is an early example of political spin. Jesse James wrote angry letters to the press, claiming he had been persecuted by the government and forced into a life of crime, while at the same time insisting he was innocent. He was helped by newspaperman John Newman Edwards, a former Confederate officer who wrote laudatory articles about the James boys and their friends.

So as the James gang robbed trains, banks, and stagecoaches, part of the population cheered. Soon dime novel writers began to write books about them, describing exploits that never occurred, and their fame grew even higher. But in 1876 Jesse James finally went too far.

He had a bold plan. The First National Bank in Northfield, Minnesota, was supposed to have a lot of money, but even more important was that it held the savings of Adelbert Ames, a former Union officer and Northern politician who had tried (and failed) to give blacks equal rights in Mississippi during Reconstruction. Ames was the kind of Yankee Jesse and his friends hated.

Jesse and Frank James set out with a group of fellow ex-guerrillas: Clell Miller, Charlie Pitts, Bill Chadwell, and the Younger brothers Cole, Jim, and Bob. After riding hundreds of miles from Missouri to Minnesota, they scouted the area and on September 7 they struck. Frank, Jesse, and one other entered the bank while the rest guarded the entrance. One robber, probably Jesse, vaulted over the counter and pulled a gun on the three employees.

%Gallery-108420%Then everything went wrong. The bank employees insisted the safe was locked with a time lock and couldn’t be opened. Actually it was unlocked, but the bandits never checked. Instead they rummaged around the counter and found less than thirty dollars.

Meanwhile, the guards outside stopped a citizen from going into the bank, roughing him up in the process. Another man saw this, put two and two together, and started shouting that the bank was being robbed.

Now the James gang’s own fame defeated them. Everyone in those days feared the gang would come to their town and so kept their guns handy. Soon the bank robbers standing guard outside found themselves being sniped at from windows and doorways. Miller and Chadwell fell mortally wounded, and the others got shot as well. They opened up with their six-shooters, but the citizens kept firing. The local sheriff, caught without a weapon, even threw rocks. As a group of drunks fled a nearby saloon, one of the robbers took careful aim and killed one of them.

The fight set off a panic inside the bank. One cashier got shot in the head, and another ran for a side door and got away with only a minor gunshot wound. The robbers ran out to their friends outside and galloped off.

Soon several posses were in hot pursuit. In a running battle that lasted more than a hundred miles and several days, the James gang tried to shake off their pursuers, but the telegraph sent the news all around the countryside and everyone kept watch. Frank and Jesse split off from the rest of the group. The stole a series of horses and at one point had to crawl across a railroad bridge right under the noses of a posse that was guarding it. Eventually they got away, but the Younger brothers and Charlie Pitts got cornered in a stand of trees by a large posse. In a furious gunfight Pitts was killed and all the Younger brothers seriously wounded. Half dead and low on ammunition, they gave up. Luckily for them Minnesota didn’t have the death penalty. All received long prison sentences.

Every year, on the weekend after Labor Day, Northfield celebrates The Defeat of Jesse James Days with reenactments, a rodeo, parade, and carnival. The citizens of Northfield are as caught up with Jesse James fever as much as the modern-day rebels of rural Missouri, but in a very different way. They’re proud of their motto, “Jesse James slipped here”.

It was the second-to-last time he slipped.

Don’t miss the rest of my series: On the trail of Jesse James.

Coming up next: The assassination of Jesse James!

[Photo courtesy user Elkman via Wikimedia Commons]

London starts bike hire scheme

Transport for London is responsible for the arduous task of getting millions of Londoners around this giant city every day. Besides the Tube, bus, and Docklands Light Rail, they’ve added a new service–public bicycles.

Similar to public bike programs in other cities, people can get a bike at one of the self-service docking stations. You don’t have to be a UK resident to use one, but residents can buy an annual membership and get discounts. You can pay by cash, card, or online. You have to pay for an access fee as well as the bike itself. If, for example, you are in London for a day, you can buy a day’s access for £1 ($1.56) and hire the bike for up to six hours for £35 ($55), or a full day for £50 ($78). That’s expensive, but it wouldn’t take many taxi rides to equal that.

Actually the program is more designed for short rides. Journeys under half an hour are free and an hour only costs £1. You can cycle pretty much anywhere in central London in an hour. Users should be aware that London traffic is very busy and people who aren’t accustomed to cycling in big cities should probably give this a miss. The scheme is partially funded by Barclay’s bank and each bike sports an ad for Barclay’s.


Photo courtesy Transport for London.

Seven things to do with your unused foreign currency

Despite only taking out as much as money from the ATM as you thought you’d need each day, you somehow managed to come in under budget. Now what do you do with this extra foreign currency you’ve got burning a hole through your picket? You could convert it back to your home currency, getting hit with exchange fees again, or you could try one of these seven options.

Save it for next time.

If the currency in question is Euros, it may make more sense to just save the bills for your next trip to Europe. By the time you convert the money back into dollars (or whatever your home currency is), the amount you lose to fees may not make it financially worthwhile, even if the exchange rate eventually changes in your favor. Obviously, with more exotic currencies, this isn’t a good option. Who knows when you’ll be able to return to Uruguay.

Sell it to another traveler.
If you know of another traveler heading to the destination soon, you can offer to sell them your leftover currency. Offer then a rate that is lower than what they pay at the bank or once they arrive in country, but higher than what you would make selling the currency back for dollars. In this way, you both win.Donate it.
You were going to spend it anyways right? Why not give it to a worthy cause? At a few airports, I have seen donation boxes out near the security line. Throw your spare change in here and you may help improve life for someone in that country. You could also convert it and donate the changed bills to a charity at home.

Display it.
I’m fascinated by foreign currency. I always keep one or two of the most interesting or colorful bills and coins from every country I visit. I keep them in a glass jar on my mantel, as both a unique decoration and a subtle reminder of the places I have been.

Spend it on airport souvenirs. …
After arriving at the airport and realizing that (after we took out the money we wanted to keep and take home to display) we still had close to 100 South African Rand (a little more than $10) my husband and I decided to blow it on souvenirs. Since we had some time to kill, we each took 50 Rand and set out to spend as much of the money as we could on last-minute airport souvenir tchotchkes. We had a fun time and came away with a few silly mementos of our trip that we otherwise would not have bought.

Or be a big spender at the airport
I hate spending money at the airport. After spending money throughout my trip, I hate the idea of dumping more money right before I head home. But, when I have some leftover currency to get rid of, it doesn’t seem as annoying. Use the opportunity to get rid of the cash in style. Treat yourself to a a few glasses of quality wine at the airport bar, opt for the more expensive entree, or spring for one of the massages offered in your terminal. It doesn’t make sense to be wasteful of course, but sometimes it is fun to enjoy the little extras that you normally wouldn’t.

Add it to your travel fund.
If you do plan on changing the money back into your home currency, don’t just use the money for groceries or bus fare. Put into a special fund earmarked for travel and contribute to it every time you come home from a trip. After a few trips, you may not have enough to cover a plane ticket, but you might have amassed enough cash to cover a few splurges on your next trip.