CHINA FEARS WEAKENING OF ITS MONEY MOVEMENT CONTROLS WHILE IT PONDERS FINANCIAL LIBERALISATION
January 7th, 2015
The Chinese government is tightening its controls on the movement of money abroad as the liberalisation of the Chinese Yuan Renminbi is expected to trigger a rush of money from the country, especially from China’s wealthy.Some of China’s big spenders are reverting to big ticket purchases to get money out of the country. There are 354 mainland billionaires in 2014 compare to only three in 2004 according to Hurun, a consultancy and magazine following China’s rich, which estimated 60,000 Chinese individuals now have more than USD200 million.A source at a ...
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