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Monday, April 11, 2011

Buy Chinese YUAN bank them in Singapore and Hong Kong

As the yuan rises in prominence and acceptance, it will eventually be a powerful storage of value. Currently only Hong Kong is the official designated off-shore hub for trading in yuan or renminbi - the People's Money.

The Monetary Authority of Singapore is lobbying fast and hard for China to let it become a second hub for yuan monetary activity. Yes activity. The yuan won't be just sleeping in the bank. It will partake in exercises such as dividends, loans, payment, forex and investment products denominated in yuan.
Chinese Yuan (renminbi) Derivative Products: Derivatives Products  Money (1-year auto-renewal)  Forbes (1-year)
If you have not yet opened your yuan savings account, try to do so now. Currently in Singapore and Malaysia, only private banking customers are offered yuan deposits account. HSBC, DBS, Public Bank.

Another method is to make a visit to Hong Kong. Look for Hang Seng Bank (Green theme colour bank) which is found everywhere. It is sort of like the DBS of Singapore, or Maybank of Malaysia. Every Hong Kong resident has an account with Hang Seng Bank. Walk in and apply for a bank account. You will get your ATM CIRRUS card and internet banking as well. Meaning you could withdraw funds everywhere and any country (that has the network).

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