Menu
OWON: This is coming for better or for worse. It will mean to a laid back stupefied world that China has a store of gold much greater than what is reported. What will be interesting is how it plays for the rest of the fiat currencies given that the curriculum of currency hubs established that has strict protocol for trading say dollars for yuan as to origin. Forget derivative originated money for exchange as an example. Toilet paper. One might imagine a serious liquidity squeeze in various currencies where printed currency cannot be transferred into gold backed Yuan. Because then every holding in non convertible currency against the Yuan would have a fiat value as opposed to a convertible gold value in Yuan and therefore be worthless to hold in comparison.
That will rip the Butt of the DC and Wall Street Hymies. We could see a 30% or more devaluation in USD which would cause tremendous upheaval. Should this be the case much will happen before that date. And no doubt such a move will flatten the tires of most central banks who have adopted printing as a solution to historical mistakes and current foolishness. Yanks will roll out their tanks.
But can’t fund the fuel to run them now. When the US takes a 30% living standard cut, who will carry the illegals then? Starting with the Kenyan Rug Rat. China plans to launch Yuan-denominated gold fix on April 19. The banks that will participate in the planned launch are predominently Chinese but FastMarkets understands that foreign banks could also be involved, according to sources. It is likely that the 10 banks that are in the system set up by the SGE in January to facilitate interbank gold trading will participate in the yuan-denominated fixing, one source said. Most Chinese banks in the list of ‘official’ market makers probably will be involved in the fix, the source noted, alongside one foreign bank.
China Construction Bank, another popular choice for online banking, is a bit more complicated, requiring customers to purchase a USB Key that they must plug into their computer when they make online purchases.
The 10 ‘official’ market makers are ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China CITIC Bank, China Merchants Bank, Industrial Bank Co, Bank of Ningbo and ANZ (China). The SGE is looking to bring more foreign banks on broad, a well-informed source said.
The new benchmark will be run through the state-owned Shanghai Gold Exchange (SGE), the world’s largest physical gold exchange. The SGE declined to comment.
Opening up a regular bank account in China can be a daunting prospect, much less venturing into the world of online banking. Most foreigners in China sadly do not take advantage of the online banking services that their banks offer, mostly because of language difficulties and the lack of a bilingual interface for most banks. However, even those who are not adept in Chinese should find that getting started with online banking is not as difficult as it seems Step One: Decide on a bank Some banks offer easier and more convenient online banking than others. While many foreigners seem to opt for Bank of China, Bank of China is overall one of the less efficient and convenient banking choices. Popular online banks include China Merchant’s Bank, which is secure, easy to use and offers options like online currency exchange. China Construction Bank, another popular choice for online banking, is a bit more complicated, requiring customers to purchase a USB Key that they must plug into their computer when they make online purchases.
While this key is a bit of a hassle, it ensures that your online bank account is secure since anyone without the unique USB key will be unable to access the account. When deciding on online banking options, keep both convenience and security in mind and choose a bank that has a healthy balance of both. Step Two: Go to the bank and apply in person Most banks do not allow you to set up online banking over the phone or computer. Instead, you must appear in person to fill out some forms and verify that you are the owner of the account. Bring your ID with you and be prepared to fill out forms in Chinese. If you cannot read the forms on your own ask the bank for an English speaking staff member to help you. Most large banks will have at least one English speaker, but when in doubt, find a Chinese friend or colleague to go along with you.
Step Three: Accessing your online banking account The first time you use your online bank account it might be best to have a Chinese friend walk you through it, particularly if you can’t read Chinese characters. Later you will familiarize yourself with the different characters and what they mean. On your interface you will see options to check your balance, transfer money from one account to another, pay for things online, transfer currency, raise your online spending limit, change your password and view your interest accrued, among other options. You will not want to need to have a Chinese friend with you every time you check your balance, so write down the important characters for the options that you will use most often. Step Four: Online shopping The main reason why people get online banking is so that they can shop online. With an online banking account with a Chinese bank you will be able to make purchases on using Alipay (支付宝). Alipay allows you to pay for purchases online, but will hold your money in a sort of escrow until you have received your items and decide to release the money to the seller.
![Unable To Install Plugin For Mac Bank Of China Unable To Install Plugin For Mac Bank Of China](http://pic.bankofchina.com/ebanking/201505/W020150515636991318210.jpg)
Shopping with Taobao is one of the easiest ways to get access to certain goods in China and even if you live in a smaller town will give you access to things like English language books, larger sized clothing, and imported foods. You can now also connect your Chinese bank account to a PayPal account and as of later this year you should be able to use your Chinese bank account to pay for goods and services back home, as PayPal plans to begin accepting UnionPay (most Chinese bank cards have the UnionPay symbol on them) accounts at the end of the 3rd quarter. This means that with a Chinese bank account you will be able to use PayPal to pay your bills back home, or buy things on eBay. Security Many foreigners worry about the security of Chinese online banking accounts.
Chinese consumers worry about this too, with the net in China being a notorious. Because of these concerns most banks have installed safeguards to protect users. China Merchant’s Bank, for instance, will ask for cell phone instant message verification if money is transferred outside of Taobao, while China Construction Bank uses the previously mentioned USB Key. ICBC (The Industrial and Commercial Bank of China) uses a card with passkeys on it which must be used in order to make online transactions – without the passkeys, which are on an actual card, not provided online, money cannot be moved from the account. You will find that because of the high amount of hacking going on in China that banks take extra measures to protect their online customers, so that online banking in China is safe.
However, you should also protect yourself – try not to access your online bank from a computer at an internet cafe, where keyloggers are rampant. Don’t give your card or USB key to others. Choose a password that is difficult to guess, including a combination of letters and numbers and remember that the bank will never ask for your password in e-mails or over the phone. Related Links Warning:The use of any news and articles published on eChinacities.com without written permission from eChinacities.com constitutes copyright infringement, and legal action can be taken.