How to buy the Chinese Yuan for the LT

Awesome. i am gonna go do that the next time i go. Which bank would you recommend i go for?

 

Great info. What interest rate do you earn on your Yuan savings? Do you know what the tax consequences are here and there?

 

I use Agricultural Bank of China. After activating the internet banking, now I can access my account from my home in Chicago, like checking balance, wiring money, transfering between my saving and CD account, etc.... yes i can read chinese coz i was born there.

1Reason and alientrader, When will you guys go next time? My next trip will be right after the new year. Maybe we can have some beers together in a bar somewhere in China.

 

if u put in the hotel name in the address line, how do u get statements?

 

The easiest way to do it is buy futures on the CME. Cheap and easy. Just roll'em over every once in a while.

 

There's no such thing as monthly statements, believe or not.

 

These are some of the RMB yuan interest rates offerred by Agricultural Bank of China:

Saving: 0.81%
CD 3 month: 2.88%
CD 6 month: 3.42%
CD 1 year: 3.87%
CD 2 year: 4.5%

Tax consequences? Yes there is an interest tax in China.

 

Sounds like a safe place to store some surplus funds. Internet banking rules.

What city did you buy your condos in? Did you have any problems buying them as an American?

 

You can open accounts in HK without HKID. Just need to go there and open your account with your passport. There is no limit for fund transfer in HK.

 

You need to report your non-US accounts and pay your tax when you file your US tax return.