Opened a Chinese Bank Account
With some help, I finally opened a local bank account in China at China Merchants Bank. I had been avoiding the need to use a local account by using my HSBC Direct Savings Account with HSBC ATM card to pull money out to pay expenses.
Now that we are sticking around and have adjusted to living over here, I decided I should go ahead an open a local account. The primary reason I opened it was to stockpile what I will need in terms of local currency for the remainder of our assignment to take advantage of the declining dollar.
The exchange rate I have been getting has plummeted since I have been here in mid-2007 from 7.7 to now 6.8. Even though I knew this was going to occur, I didn't have any place to stick local currency except under the mattress so I only took out/exchanged what I needed each month.
With my new China account I can forecast my expenses for the rest of the year and go ahead and move an amount of money over that should last me for most of our extension.
Its a little bit of a gamble, but I am not particularly worried in a resurgence of strength in the dollar at least for the next 6 months.
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