How to buy the Chinese Yuan for the LT

Discussion in 'Forex' started by tbone4, Oct 30, 2007.

  1. Early this year, the rule changed. Foreigners are allowed to buy only one property now.
     
    #21     Nov 15, 2007
  2. One in Shanghai, the other in Hainan. I bought them in 2005. No problem what so ever.
     
    #22     Nov 15, 2007
  3. That sucks. But I doubt they have a centralized system that's able to track down my purchases made two years ago.
     
    #23     Nov 15, 2007
  4. thanks isaac,

    prob going end of next year, was just there barely a month ago. went to jiuzhaigou in sichuan, beautiful place.
     
    #24     Nov 16, 2007
  5. It is ok if you have bought it. The rule applies only to new purchase.
     
    #25     Nov 16, 2007

  6. cool but u can only do it in person right? can u like open it online?
     
    #26     Nov 16, 2007
  7. According to the last info i requested, you can't open online, but you can manage it online. You have to go to HK to open the account (for HKSB only, not quite sure about other banks).
     
    #27     Nov 16, 2007
  8. Sorry I didn't made it clear. I was talking about if I buy another property in the future.

    yip1997, are you from HK? I know Yip is a popular name in HK. ;)
     
    #28     Nov 16, 2007
  9. Yes. I came from HK.
     
    #29     Nov 17, 2007
  10. A few questions:

    1) Re: the bank account, if you give the address of a hotel, but later need to withdraw a large amount of money, can you do it via wire transfer or the internet? Otherwise I guess you would have to show up in person again?

    2) Are there laws protecting the deposits similar to the FDIC here in the US or if there was ever a run on the banks by the govt or individuals, could the money be at risk?

    3) Are there any US-based accounts that offer interest on deposits held in RMB?
     
    #30     Nov 27, 2007