Tuesday, November 06, 2007
If you decided that this would be a good time to buy a big 'ole batch of renminbi and hang on to it for a while, how would you you do that? Open an account in a Hong Kong bank? I know Red A does his part as an insidious agent for the Gnomes of Zurich by manipulating international currencies, but he is evidently stuck in China until 2009 or something.
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6 comments:
Man I was just thinking the same thing.
Yeah, I am bandwagon adverse by nature- I like to hear what the other side is saying on most issues. But on this dollar thing, I can't find the contrarians. Right, Left & Center all seem to be saying the same thing: Dollar will keep falling, and RMB will continue to appreciate.
The Amero will be come out soon, and be embraced. The North American Union's new currency will magically appear to save the day.
I've heard of this "Amero" you speak of...it sounds like a low-end GM vehicle if you ask me.
The Amero is about as likely as me being elected president of Taiwan.
I wonder, do hard-core libertarians want the U.S. government out of the money business entirely? The soft paper dollar is a fairly recent invention. We could scrap it entirely and let anybody print whatever currency they wanted, backed by gold, uranium, cocaine, whatever. Some would fail, but that would be good and just because as we all know, the market is always right.
I am now back in Taiwan.
The best way to get RMB is to open an account in China. The 1 year CD offers a 3.8% interest rate.
If you are a pussy you can also open an RMB account at everbank.com which has a minimum of US$ 50,000 deposit and pays no interest, but does have FDIC. Yes, I have one of those which I bought at 1 USD = 8.10 RMB, but really, you want the extra interest from the CD.
My wife told me I can't open any more, but I am going to do it anyways - my last visit to Dongguan informed me that they have waaaaaay too much money in China so the RMB will keep going up for a while.
One note: when you transfer USD into your account, you have to be physically present later to convert to RMB. Annoying, but better from a security standpoint I think.
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