US Bank Accounts in Chinese Currency

[irena]

Bank of China in New York City now offer savings accounts & CD's in China currency. They US branch of Bank of China. Minimum open deposit $500 USD. Money kept in China currency to keep value. FDIC insurance. Same bank security rules apply as other banks in USA. You must live in New York City area or have address in area to open account. Bank of China also have location in San Francisco, Chicago, Los Angeles. If enough people open accounts, they say they allow these accounts in those branches. Start Jan 15th, 2011.

[phans]

I don't know why I need to open acc. with Chinese's bank?

[Barron]

Originally Posted by irena

Bank of China in New York City now offer savings accounts & CD's in China currency. They US branch of Bank of China. Minimum open deposit $500 USD. Money kept in China currency to keep value. FDIC insurance. Same bank security rules apply as other banks in USA. You must live in New York City area or have address in area to open account. Bank of China also have location in San Francisco, Chicago, Los Angeles. If enough people open accounts, they say they allow these accounts in those branches. Start Jan 15th, 2011.

I read a recent article that mentioned this currency is being allowed to float a little, maybe a sign of things to come?