Putting savings into yuan

Closed Thread
Page 3 of 3 FirstFirst 1 2 3
  1. #21

  2. #22

    Join Date
    Oct 2005
    Location
    Sham Tseng, NT
    Posts
    452

    The answer depends on your nationality and situation. If you are HK person, rmb is probably the best bet for you.

    If you are an expat, it's probably better to keep your own currency if you have high intrest rates. It depends on what currency you want to change it back into. If it's a USD linked one, you are taking some risk as the USD is quite volatile now and will be in the next year. Looking at how they are printing money now, they'll probably have a tree deficit as well.

    Euro has for example great rates now. Yesterday i was offered 5.30% for a 6 month fixed deposit. Since i'm European and don't plan to convert this money any time soon, euro is the best choice here. (I think )

    Last edited by FilipH; 09-10-2008 at 01:49 PM.

  3. #23

    Join Date
    Feb 2008
    Posts
    186
    Quote Originally Posted by FilipH:
    5.30% for a 6 month fixed deposit
    Which bank?

  4. #24

    Join Date
    Oct 2005
    Location
    Sham Tseng, NT
    Posts
    452
    Quote Originally Posted by pinko:
    Which bank?
    Belgium bank : KBC

    But there's 15% tax on the actual intrest, so the real net intrest is 4.505%

  5. #25

    Join Date
    Feb 2008
    Posts
    186

    Thanks.

    You also pay these taxes if you don't live in Europe???

    You can get 4% or more (depending on the amount and the length) in the China Construction Bank. Also good rates on Euros in Wing Hang Bank.

    Cheers.


  6. #26

    Join Date
    Oct 2005
    Location
    Sham Tseng, NT
    Posts
    452
    Quote Originally Posted by pinko:

    You also pay these taxes if you don't live in Europe???
    they take it at the source, so there is no escape

    I like HSBC, but they give such low low rates for Euros. around 3% last time i checked.