WEAKENING YUAN RENMINBI SPARKS CREATIVITY IN MOVING MONEY OUT OF CHINA
January 1st, 2016
THE WEAKENING of the Chinese currency the Yuan Renminbi – or RMB - last summer and autumn perturbed big-deal investors but it has also meant busy times for the money changers of Hong Kong. USD324 billion was moved out of China in 2014 according to Swiss bank UBS (which calculated official and unofficial currency outflows) but this figure soared in 2015 with a government-engineered devaluation of the Chinese currency which caught investors off guard. A massive USD200 billion poured out in the three weeks after the currency devaluation in April, according to ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.