Why Are People Taking So Much Money Out of China?
China is experiencing the largest episode of capital flight in history, encouraged by the slowdown in economic activity, the plunge in the stock market and the surprise devaluation of the currency–the Chinese yuan (also called the renminbi) last August. Chinese businesses and consumers are moving money abroad where its value might hold up. Last year, some $700 billion to $1 trillion (U.S.) is estimated to have fled China (see chart below). The dream of many Chinese to have their children educated overseas is another cause of long-term capital outflows. Finally, the flows are driven by a belief that it will only get harder to move money offshore.
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