Chinese investors rushing offshore to make USD deposits – putting yuan under more pressure

Reuters with the info on outflows from China:

The outflows highlight deep-seated concern about the state of China’s economy as its much-awaited pandemic recovery stalls.

  • Mainland Chinese holdings under a nascent scheme allowing investment in Hong Kong and Macau wealth products have more than doubled since the end of last year to 814 million yuan ($110 million). New premiums collected on Hong Kong insurance policies leapt a staggering 2,686% to $9.6 billion in the first quarter of 2023.
  • Offshore demand for policies denominated in … U.S. dollar … are … prevalent

Link here for more.

This article was written by Eamonn Sheridan at Source