EXCLUSIVE | Chinese nationals living abroad are growing concerned about long delays to access funds held in Chinese banks.
“Officially we have been told of no changes, but everyone is experiencing trouble [with Chinese banks] recently.”.
The tightening grip on foreign retail customer withdrawals from Chinese bank accounts comes amid increased pressure by the CCP on financial institutions to limit foreign capital flight.
In the final quarter of 2022, China recorded net capital outflows of US$16.75 billion, according to data from the State Administration of Foreign Exchange.
The October to December 2022 period was the first quarter of net capital outflows reported in China in two years.
As the CCP seemingly extends its power to prevent capital flight, institutional investors are growing concerned.
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