4 ms·

Does this have an affect on the ability of wealthy Chinese people to move their money out of China?

• Animats 11y ago
  That's a very big question. China has exchange controls, but only for residents of China. If you have access to Hong Kong, which the rest of the world does, you can exchange yuan for other currencies at market rates. China's exchange controls are leaking at the rate of about $500bn a year. It's worrisome that China's rich people want to get their money out of China. China is growing faster than the dollar or euro zones. Yet rich people in China are overpaying for US and UK real estate. What do they think is going to go wrong in China?
  • caskance 11y ago
    They think they will be charged with corruption and they'd like to own homes and assets in other countries that won't be seized when that happens.
    • thaumasiotes 11y ago
      A few years ago there was that entrepreneur who was executed (!) for seeking funding improperly. I'm not sure guarding against seizure in the case of corruption charges is what people are thinking of; corruption charges might be unrecoverable.
      • caskance 11y ago
        If he were living in Vancouver, the Chinese government would likely have not been able to execute him. And not everyone gets capital punishment.