Readers have recently been asking where you can open a Chinese Yuan savings account. As I wrote in a previous post, Chinese Yuan savings accounts for Americans are available at the Bank of China (only in New York and Los Angeles so far).
In that previous post, I outlined the basic steps you need to know about how to open a Chinese yuan-denominated savings account with the Bank of China. The main thing you are going to need to know first, however, is that at this point, the Bank of China does not allow withdrawals of your money. These are primarily savings accounts.
How To Use Your Chinese Bank Account
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You can deposit USD (i.e., you can sell your USD and buy RMB to deposit), but you can’t withdraw RMB (Renminbi) in cash at this point. And you can also transfer your RMB to another RMB deposit account in China or Hong Kong – as long as that account also belongs to you.
Sounds like there are still a few bumps in the road for U.S. investors wishing to diversify out of the U.S. dollar and into other currencies. I wouldn’t worry, though – it is clear that the Bank of China will be gradually improving its account offerings, and no doubt the ability to withdraw Renminbi in cash is going to be high on that list.
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Why do Americans envy the Chinese?
China is a communist country. Very few Chinese people are living a good quality of life. The middle class in China is just starting to build. Their middle class is where the American middle class was right after World War 2.
Over half of Chinese citizens live in rural areas with no electricity, no education, no clean water, and no hope of improving. Any American foolish enough to envy someone working in a factory for a low wage just is not smart enough to live a good life.
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