A Small Fortune…in Yuan
I just saved up 45,000!!
Seems like quite a bit right? Unfortunately that amount of money is in Yuan (or if you prefer, the Chinese RMB). The current exchange rate is about 6.83 Yuan = 1 USD. So at that spot rate I have about 6,589 USD stashed away. A much more paltry sum compared to the weighty 45,000 Yuan. But the upside is I paid (5,715+725) 6,440 for that amount of Yuan, so there was already a little profit to be made.
If you recall, part of my 2009 Goals was to diversify my holdings into a RMB account. Since I have been unable to open one in China while being held hostage in the States, the next best thing was to exchange cold hard cash for more cold hard cash. So I got off my butt and asked around if I could exchange my depreciating dollars for the rising Yuan. Since we are located in the States, they took me up on my offer and I got an awesome exchange rate to boost. In a way, this ameliorates that goal for 2009.
I plan on visiting China sometime next year and bringing this little bundle of joy to China to deposit into a fresh new account. Once I open an account there I can start to online deposit my USD and convert it to Yuan whenever I want. The faster I get cash into a stabler foreign currency the better… the way the government is Zimbabwing our hard-earned dollars is going to instigate stagflation and that doesn’t bode well for my future lifestyle.
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Hey,
How exactly did you convert your dollars to yuan? You said “they” took you up on it. Who is they? Also, aren’t there restrictions on foreigners opening up accounts in China?
I have relatives that do business in China so they had Yuan and were willing to exchange dollars for them. I haven’t actually opened up an account yet but China allows you to do so when you are actually located in China.
Great, thanks for the response.