Alright, so you’re all spun up on investing in the Chinese renminbi (yuan). Short of flying to Shanghai, many folks have asked – how the heck do I buy the renminbi?
In case you’re not familiar with EverBank, here’s a little background. It’s a virtual bank that was co-founded by Casey Research co-founder (and frequent guest columnist here) David Galland. They offer, to my knowledge, the most extensive offering of foreign currency bank accounts and CD’s. Well worth checking out, as they provide a valuable way to potentially diversify your savings, and hedge against currency risk.
In our exclusive interview with Jim Rogers last month, he cited the Chinese renminbi as one of his top investment picks:
Chinese tourists should have a lot of purchasing power from a strong currency, if Rogers is right. He cites the Chinese renminbi as one of his favorite picks right now, and believes it’s about as close to a sure thing as you can get.
“Here in Singapore, they’ve allowed their currency rise to mitigate inflation. I expect the Chinese will eventually have to do the same thing.”
“You’re better off cutting growth in advance, than allowing inflation to get out of control. If growth drops to 3%, who cares? That’s better than letting inflation get out of control, because once it does, it’s very tough to reign in.”
“Then you have to incur a recession or worse to control inflation.”
Ed. note: I am an EverBank affiliate and customer. My two primary ways of “monetizing” this labor of love is via affiliate commissions from products I like and use, and advertising (the banner ads you see on the site).