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SCMP Reporter

MONEY changers will have to display the rates for yuan tomorrow, making it harder for unscrupulous dealers to rip off mainland visitors.

  The Government is requiring currency traders to put up on boards the yuan rates in recognition of its increased use in the territory.

  It has nothing to do with the 1997 changeover, said Hong Kong Tourist Association chairman Martin Barrow.

  'It's purely the strong economic levels and the ability of people in China now being able to travel,' he said.

 The influx of visitors from the mainland with pockets full of money has coincided with a relaxation of regulations covering yuan.

  Two years ago, the Chinese currency could only be exchanged at two banks, Mr Barrow said.

  Now yuan is easily changed on the streets.

  And Hong Kong's move to prescribe it means the rate has to be displayed alongside those of 15 other denominations including the British pound and United States dollar.

  'That would prevent any malpractice by the changers,' Mr Barrow said.

  Mainland visitors accounted for nearly 14 per cent of the $60 billion spent by visitors in 1993.

  Economic growth in China and increased travel pushed that figure to 19 per cent in the first half of this year.

  It exceeded spending by visitors from Europe, the US and Japan.

  But market demand for the display of yuan exchange rates has been ahead of the Government in some areas.

  Money exchanger Purseland, based in Tsim Sha Tsui, said it had been displaying the rates for a long time.

  'Many of the tourists from China or Taiwan can't speak Cantonese or English and are therefore difficult to deal with without the display,' Lany Publico said.

  A tourist from Shantou, in Guangdong province, welcomed the move, which she said would ensure mainland visitors could more easily monitor rates.

  'I can check the rates at different exchangers and I will not be cheated.

  'I can shop around for the best rate,' said Xia Huixiong.

  Letters were sent to changers this month, informing them of the requirement to display the rates as soon as it is gazetted tomorrow.



Yuan rate goes on display