Updated about 14 years ago on . Most recent reply
Holding savings in another currency
Last year when I went over to China the exchange rate was 7/1 and 12 months later it was 5/1.
What do you think about holding savings in a different currency? A while back i heard there are two Chinese banks with US branches that will hold your cash in RMBs. The way I see it I lost 30% of my savings last year.
Thoughts?
Most Popular Reply
Bryan Hancock
#4 Off Topic Contributor
#4 Off Topic Contributor
- Investor
- Round Rock, TX
I would think this only makes sense if you have a lot of cash and wish to immunize currency risk. Putting the cash to work and not keeping as much seems like a better idea to me.