I came to China for the first time in 2006 and immediately began soaking up the country’s rich culture, people, and cuisine. I took the 8:1 USD/CNY exchange rate for granted, and accepted strong dollars as being one of the many perks of life abroad. After spending the next five years in the states to finish school, I returned to China in 2013 to find the exchange rate had shifted to 6:1, the USD had declined in relative value by 25%! Flash-forward to today and the USD has bounced all the way back up to about 7:1.
Updated on August 6, 2018
As expats living in China, we must often sign agreements with local Chinese parties. Whether they’re regarding our rental agreements, or salaries, it is important to know how to stay properly protected.
We recently interviewed a contract lawyer, Laura Shang of Shanghai Know-How Law Firm to give us clarity on this. Here are the most important tips we learned:
1. Doing Nothing
Keeping your hard earned money in cash (such as a checking account) will make it much harder for your to properly prepare for retirement. In fact, most checking accounts lose money, when taking inflation into account. Investing efficiently and compliantly while abroad can be a daunting task, but with a little research, quality financial advisers can be found.
At O&G we have a book club where each month we share a list of books that every member should read to not only enhance our work environment but also for the sake of cultivating our own minds.
1-ReWork, by D. Hansson and J. Fried
This short and sweet book written by the team at 37 signals helped us reshape and simplify many internal processes at our firm.
About the O&G Research Team
The O&G Research Team holds Series 65 and Series 3 certifications and are experienced traders in international financial markets.
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- The opinions expressed in this report do not constitute a buy or sell recommendation.