In China, USD is impossible to transfer freely.
Besides, 50k is the limit for one person to exchange USD to CNY per year.
And if somebody want to exchange USD to CNY in Chinese Bank, the central bank (Contolled by Chinese Government) prints new CNY directly.
This means, each dollar Chinese earned belongs to Chinese Government, and will make inflation in CNY.
Chinese can use PayPal, with limitations too. A Chinese can not transfer USD to another Chinese via PayPal. Transfer can only be committed between Chinses account and foreign account, and there is always more than 5% fee in each transaction while it is free in any other countries.
The inflation of CNY is extremely high, so people need to explore other currencies as alternatives, but the foreign exchange control makes they turn to stable coins like USDT other than Fiat.
So can anybody tell me if a Chinese can open an US bank account aboard freely ? As PayPal and Stable Coins are really not perfect choices.
PS: Owning stabe coins or exchanging between CNY and Stable Coins is illegal in China.
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