Looking to diversify your US dollar holdings into some Chinese yuan/renminbi?
Now you can – thanks to the Bank of China, which is allowing US customers to deposit up to $20,000 a year:
It’s not as crazy as it sounds. As The Wall Street Journal’s Lingling Wei reported Wednesday , the Bank of China here in the U.S. has started allowing American customers to open an account and to invest up to $4,000 per day — and a total of $20,000 a year — in Chinese yuan, or renminbi. Until now, you had few options to hold money in yuan, which is a “closed” currency managed, and protected, by Beijing.
The bank has three U.S. branches — two in New York, and one in Los Angeles. You’ll have to fill out paperwork to open an account and provide two forms of ID. And there’s a minimum deposit of $500.
Regular readers know that our favorite financial guru, Jim Rogers, has been citing China’s currency as a favorite investment idea of his:
Hat tip to The Daily Crux for the heads up on this story!