Buy RMB

Re: [spiers] Buy RMB


Another thing you can do (which is somewhere in the book, and at least
mentioned in the class) is you can also open up a bank account there.
You can now go to a Chinese bank like the Industrial and Commercial
Bank of China (recommended by a local friend), Bank of China, etc. and
open up an account as a foreigner. English isn't necessarily strong in
the banks yet so you may need someone to accompany you.

Anyway, the cool thing about doing this is you can hold USD and RMB
simultaneously/separately in your account AND you can do online banking
while you're back home.

** One question I have though: Would it be a good idea to keep some
more of the RMB in the bank and not convert to USD (and basically "bet"
on the RMB conversion in the future causing an appreciation against the
dollar)?

Thanks!



--- wileyccc@aol.com wrote:

>
> >Does anybody know the best institution to buy RMB in Seattle area?
>
>
> Linda,
>
> The RMB is not freely convertible, so it is not legally for sale
> outside of China, like yen or euros. Depending on for what and when
> you want the RMB, there are many options. A bank can arrange a
> transaction, you can buy RMB on your way into china... or get some in
> Hong kong.
>
> Hong kong dollars may do the trick, again depening on what you want
> to accomplish, or even just paying by credit card.
>
> here is an article from beijing Review that might help.
>
> http://www.bjreview.com.cn/200449/Cover-200449(B).htm
>
> John

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