U.S. bank accounts have the advantages of high confidentiality, high security, and freedom of foreign exchange.
China is not covered by FATCA, which refers to the Foreign Account Tax Compliance Act, a bill passed by the U.S. Congress in 2010 that requires overseas U.S. citizens and banks that provide financial services to U.S. citizens abroad to regularly provide U.S. tax authorities with U.S. citizens' overseas accounts to reduce the tax avoidance space for these citizens.
The United States is not in the CRS agreement countries and does not need to conduct a global automatic exchange of tax-related financial account information.
Therefore, the tax information of financial accounts between China and the United States is independent of each other.
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