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Opening a Bank of China Account

Brilliant or Baffling: Opening a Chinese Bank Account

Today, The Wall Street Journal gave five solid reasons for opening a Chinese bank account, but it may be hard for those of us living on the other side of the world to wrap our mind around the idea. This comes after the announcement of how the American branches of the Bank of China are now allowing US citizens to open an account with it and to keep their money in Chinese yuan. Some of the reasons the WSJ columnist gave for converting your dollars to yuan are that it's very likely that the Chinese currency will keep going up (although that might take a long while) and it diversifies your portfolio. So what do you think: is this brilliant or baffling advice?

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