Due to a stupid administration error I was unable to open a Hong Kong bank account the last time we were there - and I don't know when I can visit next time.
So yes, the only alternative for my transferable savings is China. Really not much, about my 4month salary, the rest is in unit-linked EUR based shares, not optimnal but relatively safe) Even though the Chinese economy does not have a good long-term outlook in my opinion, I think the Chinese Yuan will be stable, as it is very undervalued as of now.
My forecast is that the housing bubble will collapse within a year. Almost all Chinese citizens keep their savings in real estate - I heard groups of 30-40 buying a flat not eveni thinking on living there, rather than just to benefit from the raising prices. Certain relas estate prices in Shanghai have doubled in the last 4 years. A trend which is not sustainable anymore.
When the bubble pops, citizens will lose a considerable value of their savings in real estate. Pople will be angry and starting riots. China will focus all its efforts on maintaining internal stability, therefore not giving a sh*t anymore on the EU/US crisis. With the government and the military I bet China will be able to keep the effects within the boundary of the country, backing off a couple of years with approx 5-6% growth. The catastrophe will only happen is China is unable to limit the effects of the popped bubble within its relatively closed economy.
Anyway, the best place for any saving in such a global situation is probably in agricultural company shares.