Cash is leaving China's financial markets at the fastest clip in years as investors flee a falling currency and sputtering economy, and analysts point to hints that more money is being moved out of the country along back channels in a further sign of flagging confidence.
. The housing market, where most Chinese have their largest assets, is in a sharp downturn, and youth unemployment has hit record highs.Amid foreign investors' exodus, there are signs of locals following as fast as allowable under capital controls that were tightened after the previous season of heavy outflows in 2016.
Quota-based schemes allowing onshore investors access to foreign markets and products are also increasingly popular. Still, migration can provide an excuse for shifting cash, and brokers have noticed a surge in enquiries about studying. Investors from Hong Kong, Macao, and Guangdong province accounted for 44% of newly set up family offices in Singapore for the first four months this year, up from 39% for all of 2021, according to Chinese language newspaper Lianhe Zaobao in Singapore.
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