Attractive investment: A file picture showing the AIA Central building (centre), home to the headquarters of AIA Group Ltd among other skyscrapers in the business district of Central in Hong Kong. Investment-linked insurance products has became an attractive alternative with mainlanders accounting for more than half of AIA’s annualised new premiums in Hong Kong. – Bloomberg
HONG KONG: While Beijing has been busily damming up official channels for money to leave China, more than ever is leaking out through shady means as investors flee the country’s slowing economy and weakening currency.
China’s official foreign exchange reserves fell more than half a trillion dollars last year and are still falling, with a loss of nearly US$46bil in October alone, and the International Institute of Finance think-tank estimates outflows doubled in the September quarter to more than US$200bil.
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