China How can foreigners keep money in CNY
1. Foreigners are generally allowed to open a bank account in China. However, the requirements and procedures for opening an account may vary depending on the bank and the individual's residency status in China.
To open a bank account in China as a foreigner, individuals typically need to provide identification documents, such as a passport or other valid identification, as well as proof of residency in China, such as a visa or work permit. Some banks may also require additional documentation, such as proof of employment or income.

Foreigners may also need to provide additional documentation if they wish to open a savings account or apply for other banking services, such as a credit card or loan.

It's important for individuals to research and compare the different options and requirements when opening a bank account in China, and to work with a reputable bank or financial institution to ensure compliance with all applicable laws and regulations.

Some Chinese banks, such as Bank of China, have a global presence and offer CNY accounts to customers in other countries. However, the availability and requirements for opening a CNY account may vary depending on the country where the bank is operating and the individual's residency status.

In some cases, individuals may need to provide additional documentation or meet certain eligibility requirements to open a CNY account with a Chinese bank operating in another country. For example, they may need to be a citizen of China or hold a valid Chinese passport.

It's important for individuals to research and compare the different options and requirements when opening a CNY account with a Chinese bank operating in another country, and to work with a reputable bank or financial institution to ensure compliance with all applicable laws and regulations.

2. Chinese banks operating in other countries may allow residents to open a CNY account, but this will depend on the specific bank and the country where it is operating.

Some Chinese banks, such as Bank of China, have a global presence and offer CNY accounts to customers in other countries. However, the availability and requirements for opening a CNY account may vary depending on the country where the bank is operating and the individual's residency status.

In some cases, individuals may need to provide additional documentation or meet certain eligibility requirements to open a CNY account with a Chinese bank operating in another country. For example, they may need to be a citizen of China or hold a valid Chinese passport.

It's important for individuals to research and compare the different options and requirements when opening a CNY account with a Chinese bank operating in another country, and to work with a reputable bank or financial institution to ensure compliance with all applicable laws and regulations.

3. If an exporter receives payment in CNY, they may be able to keep the funds in a bank account either in their own country or in China, depending on the regulations and policies of the banks involved.
If the exporter wishes to keep the funds in a CNY account in China, they may be able to do so by opening an account with a Chinese bank that operates in their home country or by opening an account with a Chinese bank in China. However, the requirements and eligibility for opening a CNY account with a Chinese bank may vary depending on the bank and the individual's residency status.

In general, Chinese banks may allow foreigners to open a bank account in China, even if they are not residing in China. However, the requirements and procedures for opening an account may vary depending on the bank and the individual's circumstances.

To open a bank account in China as a foreigner who is not residing in China, the individual may need to provide additional documentation, such as a passport or other valid identification, and may need to meet certain eligibility requirements. They may also need to visit a Chinese bank in person to complete the account opening process.

It's important for individuals to research and compare the different options and requirements when opening a bank account in China or keeping funds in a CNY account, and to work with a reputable bank or financial institution to ensure compliance with all applicable laws and regulations.

Tan Kin Lian 
With assistance from ChatGPT

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