Day: March 14, 2007

Categories
China

BOA Card RMB withdrawl at CCB

Reading Time: < 1 minute

Last Updated on March 15, 2007 by stlplace

I mentioned it once in my blog: getting Ren Ming Bi (Chinese Yuan) at China Construction Bank using Bank of America ATM card. I tried it yesterday. It works great. The rate is 7.72, or $194.29 for CNY 1500. Don’t know if there is a transaction fee. The last I heard is there is none. There maybe some limit on how much one can withdraw each day.

BOA and CCB are partners in China. Talking about partners, many foreign banks are partnering with local banks these days, because the China banking industry will open up to foreign banks according to WTO.

Categories
China Stocks

Opening Account Round Two

Reading Time: 2 minutes

Last Updated on March 14, 2007 by stlplace

I went to ChinaClear, the Chinese securities clearing house. I don’t know what’s the equivalent in the States? I do believe they have something similar but it’s just behind the scenes. In other words, we don’t need to know all the details.

Continue reading “Opening Account Round Two”
Categories
China Stocks

Opened Stock Account in Shanghai

Reading Time: < 1 minute

Last Updated on March 15, 2007 by stlplace

I thought about this for quite a while, debating whether I should joined the party in Shanghai. Finanlly I decided to pull the trigger. I went to China Merchant Bank (招商银行), and opened my stock trading account there (the securities department of CMB). The procedure is very much like that in US. I filled out a bunch of forms, including the acknowledgment of risk, showed my IDs, paid 90 Yuan for the card. I am still waiting for the final approval before I can buy stocks.

(Update 14Mar 4PM Shanghai time) I heard from my broker that I already have securities account (I bought and sold stocks in Shanghai in 1995/97). Because I could not find the old account No. I need to go to 中登公司 to get it straight.

Continue reading “Opened Stock Account in Shanghai”