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Limiting capital outflow to $50000 per person seems like an effective way to keep well off people trapped in your country. While there are still millionaires in
by gefh 11y ago
Limiting capital outflow to $50000 per person seems like an effective way to keep well off people trapped in your country.
While there are still millionaires in China who would prefer to live somewhere else, new 'banks' will spring up to help them. Morally this doesn't even belong on the same level as other banking problems around the world.
- justincormack 11y agoWell much of this is the proceeds of corruption, so yes they do want to keep them in the country.
- gefh 11y agoNow I know that this is more of a tax than a ban, the proceeds of corruption bit sounds more likely. No one likes to tell the government about their undeclared income.
- jacquesm 11y agoYou can get the money out, at a %age.
- gefh 11y agoThat sounds more reasonable, do you know the rate?
- jacquesm 11y agohttp://www.bloomberg.com/news/features/2015-11-02/china-s-money-exodus http://www.bloomberg.com/news/features/2015-11-02/china-s-mo... Has it at .1% or thereabouts over the normal banking rates (but normal banks can't do it).