Does anyone know how itâs possible to buy Chinese renminbi as a âpegged and closed currencyâ? Iâve heard this being done, though donât see it offered by brokers â Is it necessary to open a bank account in China, or are there other ways to do this quickly?
evertrade offers rmb accounts. i would not do what i did - swap cash for actual RMB. turns out the transaction for the physical is not worth it, especially with lost interest. if i had to start over, i would have gone to evertrade first. evertrade.com i think.
Open an account in Chinese Bank? I heard that it's still forbidden to trade currency marginly in china.
interesting idea - I would have thought that if rmb is free to trade, it may pop up, but then would be crushed with the Chinese bank crises - their non-performing banks loans are 60% of gdp, and China has an unemployment rate of at least 10%, which is probably way under-reported
I believe it was Jim Rogers who said he bought the renminbi as a 'closed currency' so it certainly seems possible Does anyone know the best way for a retail investor to do this? I will also check out ever bank to see what they can offer.
Mr. Def, HSBC is an English bank with operations in Hong Kong SAR, Macau SAR, and mainland China as well as other areas of the world. What the author of this thread might consider is what will happen with the HK$ if or when the chinese remove the Yuan peg to the US$. The HK$ & the MACAU Pesata will in most probability will be removed from their pegs also. If the author wants possession of the currency itself vs a bank account, most international banks can perform a currency exchange for minimal fees or you could purchase travelers checks denominated in whatever currency you choose. The BoC is very helpful with exchanges or travelers checks as we use them quite frequently when traveling there.