Is it beneficial to set up a Yuan bank account?

[Stan]

Let me give you some real advice here Beto, as someone who knows a little bit about this. I'm being completely sincere here; I'm giving you the same advice I'd give my family.

It's easy enough to invest foreign currency in China. The Chinese government likes that, because taking your shekels and turning them into RMB gives them foreign reserve currency. But RMB are very difficult to get out of China or exchange for another currency later. The government limits exchanges of RMB into dollars to a certain amount per person per day with an annual cap. They really do not want to give back the euros or dollars you gave them. Most Chinese people with a lot of savings in RMB are looking for sneaky ways to get that money *out* of China in order to invest in a non-Chinese company, enterprise, real estate, etc.

So the only advantage to opening a Chinese bank account and funding it with non-Chinese money would be that you want to invest in stuff in China. And that market right now is a bit bearish: think Evergrande, the leveling out of economic growth, the impending gray wave. Their stock market is not terribly robust and the Chinese have banned cryptocurrency outright. If your outlook on China is positive anyway, like maybe you want to buy a flat there, then go ahead. But those who have wealth in China are trying to get it out of the country.

 

[Betonhaus]

Let me give you some real advice here Beto, as someone who knows a little bit about this. I'm being completely sincere here; I'm giving you the same advice I'd give my family.

It's easy enough to invest foreign currency in China. The Chinese government likes that, because taking your shekels and turning them into RMB gives them foreign reserve currency. But RMB are very difficult to get out of China or exchange for another currency later. The government limits exchanges of RMB into dollars to a certain amount per person per day with an annual cap. They really do not want to give back the euros or dollars you gave them. Most Chinese people with a lot of savings in RMB are looking for sneaky ways to get that money *out* of China in order to invest in a non-Chinese company, enterprise, real estate, etc.

So the only advantage to opening a Chinese bank account and funding it with non-Chinese money would be that you want to invest in stuff in China. And that market right now is a bit bearish: think Evergrande, the leveling out of economic growth, the impending gray wave. Their stock market is not terribly robust and the Chinese have banned cryptocurrency outright. If your outlook on China is positive anyway, like maybe you want to buy a flat there, then go ahead. But those who have wealth in China are trying to get it out of the country.

That is good advice, thank you.
As it is I don't exactly have a lot of money to spare so realistically I wouldn't be putting a lot of money in anyways - at most I'd only do a large transfer if I had legitamate reason to believe my country's currency will become massively devalued within a week. I'd invest in gold, but I consider it's high price to be somewhat suspicious. like it's artificially inflated or something. Plus I can't afford but a tiny tiny amount and that doesn't seem safe.