Would it be possible/practical to convert all your money into yuan to avoid inflation? I’m pretty sure most places in the us accept virtual payment that converts yuan back into dollar or whatever.
I’d love to see someone do this and tell us how it goes. I think it might just be practical for some use cases.
If this is a good idea I’d like to know if it’s possible in Canada.
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There are apps that automatically convert it back.
you would probably have to pay conversion fees for every transaction, though
people used to convert to dollars to protect their savings so yes it might work
It’s not easy to transfer money out of your account in China, if you have one there. But it’s way to put money in. You can consider gold as more practical for storing value, but you should do your own research on that. It’s easy enough to open an account in China if your there and have a long term visa, and some banks can give you a card that uses Mastercard. You could use this abroad/withdraw cash with a relatively low fee. However that might have lots of conversion fees, and isn’t feasible for most to open an account in China. Other banks in your country may have the option to have an account in Yuan, Russia has several banks that provide this service. However, I’d imagine most of the west wouldn’t.
Why don’t you buy precious metals? I like platinum - its market price is historically on the low side at the moment.
Depend on country, bank and usage. Savings probably yes, although afaik no bank in Poland at least offer saving account in Yuan, but you could search in other countries. There would be fees for conversion of course, but lower than inflation so that’s not that bad idea.
Daily account would be harder, as you would need Yuan account in your bank and it would have to allow to small sum conversion with every transaction, and for example in Poland conversion fees for payments are pretty hefty even for PLN<->EUR.