Wednesday, October 26, 2022

Time to run for the exits in China?

The Financial Times reports that wealthy Chinese are trying to:
“Now that ‘the chairman’ is firmly in place . . . I have already received three ‘proceed’ instructions from various ultra-high net worth Chinese business families to execute their fire escape plans,” Lesperance said. ...
China’s rich, he said, are not only worried about rumours of an official wealth tax that would replace informal “common prosperity” donations. They are also increasingly concerned for their personal safety, even once they have left. ...
“The family motto has always been: ‘Keep a fast junk in the harbour with gold bars and a second set of papers’. The modern equivalent would be a private jet, a couple of passports and foreign bank accounts,” Lesperance says. “That is the world we are in . . . it is tough stuff.”
Gold bars show up on scanners at the airport. Maybe use crypto instead. 

BOTTOM LINE: If this article is right, look for a devaluation of the yuan, and an appreciation in Bitcoin. 

 RELATED: China’s property crash: ‘a slow-motion financial crisis’
...the slumping property market, the sputtering investment engines of local governments and a hefty burden of national debt signals the end for a model of growth that has not only transformed China but also been the biggest generator of global economic expansion for well over a decade. ...
In the free markets of the west, financial crises can erupt suddenly, taking governments and investors by surprise. But in China’s state-driven economy, infirmities metastasise more slowly as Beijing deploys political and financial capital to battle against the turning tide. This gives proceedings a more stately aura, but it does not mean that underlying problems are any less severe, analysts say.

1 comment:

  1. <Recording success in Cryptocurrency, Bitcoin is not just buying and holding till when bitcoin sky-rocks, this has been longed abolished by intelligent traders ,mostly now that bitcoin bull is still controlling the market after successfully defended the $20,000 support level once again ad this is likely to trigger a possible move towards $40,000 resistance area However , it's is best advice you find a working strategy by hub/daily signals that works well in other to accumulate and grow a very strong portfolio ahead. I have been trading with Mr Bernie doran daily signals and strategy, on his platform, and his guidance makes trading less stressful and more profit despite the recent fluctuations. I was able to easily increase my portfolio in just 3weeks of trading with his daily signals, growing my 0.9 BTC to 2.9BTC. Mr Bernie’s daily signals are very accurate and yields a great positive return on investment. I really enjoy trading with him and I'm still trading with him, He is available to give assistance to anyone who love crypto trading and beginners in bitcoin investment , I would suggest you contact him on WhatsApp : + 1424(285)-0682 or Telegram : bernie_fx for inquiries , bitcoin is taking over the world