How to Move Money Out of China: A Brief Guide
China is tightening its capital controls. Faced with an outflux of money resulting from a depreciating yuan, Chinese officials are restricting the flow of money into foreign currencies such as the US dollar, causing severe complications to businesses with a large portion of international operations. Further, officials are limiting purchases of insurance products in Hong Kong by mainland residents to a $4,600 policy cap. Underground banks. While these capital controls can can make it significantly more complicated to transfer funds out of the country, ways around them do still exist. For....
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With the Yuan depreciating even further, and dirty money being sniffed out, there are very few remaining options for people who want financial freedom. Exciting things are happening in China, albeit money launderers will not agree with that statement. Beijing authorities are collecting all of the dirty money in the country. Several hundred people have been arrested who are involved in illegally transferring money out of China. In fact, a total of 192 locations were discovered were illegal banking service are offered. Over the past few months, a lot of money has been moved out of China.....
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In a press conference on Wednesday, the People's Bank of China (PBOC) - China's central bank - said made comments on their stance on the digital currency bitcoin. In that conference, the PBOC noted that they don't wish to eliminate bitcoin, as it were. "We don't want to suppress or discriminate against bitcoin," said Sheng Song Cheng, who heads the financial survey and statistics department at the bank. Despite intentions to not discriminate against bitcoin, the national bank simply doesn't view it as a currency. "We are simply saying it is not a currency," he said. "We took a look at....