The Adventures of Don Yuan: May 2011

Monday, May 30, 2011

Yuan at Record High Versus Dollar after Treasury Report - BBC News

Continue reading the main storyThe yuan's pricing has been a contentious issue between China and the developed economies

The People's Bank of China (PBOC) fixed the yuan's mid-point at 6.4856 against the US dollar on Monday. China's yuan has hit a record high against the US dollar after the US Treasury department said the Chinese currency was undervalued but not manipulated.

China has been accused by the US and other developed economies of keeping the value of its currency artificially low to boost its exports.

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How to Buy the Chinese Renminbi

How to Buy the Chinese Renminbi - by Brett Owens

Editor's Note: I like to buy and hold physical Chinese Central Bank Notes (Yuan). However, you can also open a bank account denominated in Chinese renminbi. Brett Owens shows you how - Click here to learn more.

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?

Good news – EverBank now allows you to open an account denominated in Chinese renminbi. Click here to learn more.

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.

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Can you trade your inflated currency for one that is steadily appreciating? How about the yuan?

There are many good reasons that would make the average guy or gal want to trade in some of the US dollars they have saved in exchange for Chinese yuan. And there are a number of different ways to do it right now. That's what this blog is about.

No matter what Ben Bernanke does to postpone the day of reckoning, it's only a matter of time before the US dollar loses its status as the world's reserve currency. When this happens, an already weakened dollar will lose even more of its purchasing power than it has already.

Read more below...

On the other hand...

The Chinese yuan - also known as renminbi (CNY), is likely to continue appreciating against the US dollar and many other currencies as the Chinese economy grows. For many years the yuan was pegged to the value of the US dollar and each yuan was worth a little over 12 cents. Then the Chinese wisely decided to unpegg their currency. Today each yuan is worth almost 15 and a half cents.

The Adventures of Don Yuan is a blog for ordinary people (especially Americans), who are interested in trading dollars for yuan. It addresses questions like "why?", "how?" and "how much?".