TIL: In China your bank account and money is controlled by the government

$300K equivalent in Yuan. A completely government controlled currency which (likely...it was for me) is required to be deposited in a Chinese bank where you can only access it in certain ways and is only worth what China says it is worth and can be confiscated at any time.

I did business with a few Chinese (national) companies, and I won a (small) award from the Chinese government. In both cases I was required to have a Chinese bank hold the funds. In theory I have about $100K in a Chinese bank which I cannot access unless I am on the Chinese mainland.

If you're Chinese, it's a hella deal. Not so much for guizi.

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Submitted October 24, 2018 at 07:11PM by danceprometheus https://ift.tt/2z3kcZd