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China's economy is booming, and in the West, everyone from President Obama on down is demanding that the Chinese currency be allowed to rise in value. Now, it's possible for small investors in the U.S. to capitalize on this opportunity. The Bank of China's New York Branch announced this week that Americans will now be able to open FDIC-guaranteed accounts in the bank in a way that was never before permitted -- by converting their deposits into the Chinese currency, known officially as the renminbi and colloquially as the yuan.
Of course, the recent opening of the renminbi bank accounts in the U.S. may just be part of the public relations show China is mounting in advance of President Hu Jintao's visit to the White House next week. As Obama presses him to allow the renminbi to climb, Hu can claim that his country is doing everything possible to improve the exchange rate -- including allowing Americans to invest in it's currency more freely.
Originally posted by saltheart foamfollower
It seems like at least one state is beginning to take an interest in examining the problems with our own fiat currency.
A member posted this yesterday-VA Looking Into Gold As Alternative To Dollar When SHTF
So it seems the times are just getting very, very, very interesting. (say with dr evil voice)