The Dollar Collapse is on the doorstep. NYC now with two locations Bank of China

All those in the know likely all opened accounts already to hedge against the falling dollar. With Moody's warning about the AAA status today, I fear the collapse starts Monday.

There are investment limits. Americans have a daily limit and a yearly limit due to "speculation". There will be a rush to get out of worthless federal reserve notes.

As The Wall Street Journal's Lingling Wei reported Wednesday, the Bank of China here in the U.S. has started allowing American customers to open an account and to invest up to $4,000 per day—and a total of $20,000 a year—in Chinese yuan, or renminbi. Until now, you had few options to hold money in yuan, which is a "closed" currency managed, and protected, by Beijing.

[link to online.wsj.com]

Open a Chinese bank account?



That's like buying Enron stock in the spring of 2001.

I am opening an account tomorrow! They have a branch in Chinatown that is open on Saturdays. You had better believe I will have an account.

Only few will have accounts in a currency that doesn't drop like a rock. I regret they have a ceiling of 10K/year.

January 12, 2011
Santiago, Chile

In its latest step to make the renminbi a competing global reserve currency, China’s predominantly state-owned Bank of China will now let individuals open renminbi savings accounts… in the United States.

[link to www.sovereignman.com]

read the rest of the article at the link.

OK, expats world wide are getting ready for the default of the U.S. Dollar and so should GLPers!

I'm a metal tard too, but not putting all my eggs in one basket so to speak.

[link to economicassassin.blogspot.com]

Chinese Yuan; A new world reserve currency?
Only a mere twelve days into the New Year (2011) and China have already set the wheels in motion to use their most powerful weapon, the Yuan, in order to combat inflation. This may well be the first decision of many that will result in the Yuan being phased in as the new world reserve currency.


read the rest at the link

The dollar will be around for still some years as the world reserve currency. And the price of gold has actally fallen a bit recently. There is simply too much at stake for the holders of major dollar reserves. The current policy is "to sit still in the boat", to avoid any action that may hurt economic improvements.