open new saving account in any American banks Hong Kong branch? Deposit Insurance?

[young707]

But, what about in Citi Bank Hong Kong do they have foreign currency in RMB saving account? Is this RMB foreign currency saving account insured by the Hong Kong government?

[emx]

But, what about in Citi Bank Hong Kong do they have foreign currency in RMB saving account? Is this RMB foreign currency saving account insured by the Hong Kong government?

Why not simply ask Citi Bank?

[young707]

We are in California. Asking those dummies at Citi in California? They will not know anything about Citi in Hong Kong desposit in RMB?

[emx]

Email or call Citi in HK.

[mwong222]

Deposit protection is usually for when a bank fails and goes bankrupt. So if you are so worried about citibank hk needing this, why bank with them since you think they will fail? Why not choose a more stable bank? But in response to your original question, yes, it is covered.

https://www.dps.org.hk/index_EN.html

[young707]

We are afraid of the crazy inflation hitting the American economy. The politicans are ignoring it. We are seeking help to preserve our merger savings. Obviously, many advice are to convert cash holding to gold. But gold saving deposits has no interests and cost mightly to secure storage.

[foxwendal]

if you’re depositing in RMB just because it pays a higher interest rate for inflation protection, you can get bit much worse on the exchange rate. ie, sure you may get 2% on the deposit but if the RMB falls 10% against the dollar, then all’s derailed.

[ycchai]

We are afraid of the crazy inflation hitting the American economy. The politicans are ignoring it. We are seeking help to preserve our merger savings. Obviously, many advice are to convert cash holding to gold. But gold saving deposits has no interests and cost mightly to secure storage.

Don't listen to me but do Google gold price chart. You should wary of any investment advice anyone dishout. I will only tell u how inflation works, ie things go up in prices hence you should be looking at cheap things to buy now in hopes of the price going up. It's not practical to tell u what to invest or where to put your money without knowing your return requirement, risk appetite, and financial situation. Putting money in bank is definitely a no to inflation hedging but again can't judge that without knowing your financial situation.

Hk banks are protected as per everyone said above. 10 years ago during the financial crisis, you would have been safer with any HK banks than US banks, think about that.
This also makes me wonder how many people they reach with their silly campaign
https://youtu.be/82SoVauKmTk

[young707]

Our judgment putting money in rmb backed by gold reserve are much wiser, smarter and safer than us$ or jpy. History on previous financial crisis has been best lessons.

[shri]

rmb backed by gold reserve

Sorry for the tangent.. But where are you getting this from?!