Yes. US citizens can open bank accounts at the New York branch of the Bank of China, convert dollars to yuan, and hold the yuan in savings accounts or CDs paying typical (for US savings/CDs these days) interest rates of less than 1%. Note the sometimes-cited conversion limits of $4000 per day or $20000 per year do NOT apply to money held in BoC accounts, only to over-the-counter conversions.
Everbank also allows US citizens to open accounts, convert dollars to yuan, and hold yuan in a savings account. No interest on the account from everbank, but their conversion rates are typically better than Bank of China (in my experience).
Bank of America will deliver physical in the amount of 10,000. per order. Pick it up at your local branch. I ordered up to 40,000 in one day by using 4 different accounts. Will order some every day until I have enough.