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| Submitted by Ben Benson on August 24, 2010 |
One of the challenges to building a micro-loan lending website is managing multiple currencies. Wokai's loans are presently shown in USD during fundraising but the actual loan granted to the rural Chinese farmer is of course in RMB. On another day, I will broach the subject of managing these various asset types in Wokai's accounting system. For now though, I thought I'd share a very simple and useful API for performing currency conversions based on the current exchange rate.
Here's a complete Java code example for converting RMB to USD (though pretty much any form of currency is supported).
public static BigDecimal convertRMB2USD(BigDecimal amountRMB)
{
try
{
URL url = new URL("http://www.exchangerate-api.com/cny/usd/"
+ amountRMB
+ "?k="
+ Configuration.getExchangeRateAPIKey());
BufferedReader in = new BufferedReader(
new InputStreamReader(url.openStream()));
String answer = in.readLine();
in.close();
return new BigDecimal(answer);
}
catch (MalformedURLException mue)
{
logger_.error("exchange rate API URL invalid", mue);
}
catch (IOException ioe)
{
logger_.error("exchange rate API I/O failure", ioe);
}
return null;
}
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