Paulo Roberto de Almeida
In Reversal, Cash Leaks Out of China
BY ALEX FRANGOS, TOM ORLIK AND LINGLING WEI
The Wall Street Journal, October 16, 2012
China, once a catch basin for the world's money, is now watching cash stream out.
Wealthy Chinese citizens are buying beachfront condos in Cyprus, paying big U.S. tuition bills for their children and stocking up on luxury goods in Singapore, frequently moving cash secretly through a flourishing network of money-transfer agents. Chinese companies, for their part, are making big-ticket foreign acquisitions, buying up natural resources and letting foreign profits accumulate overseas.
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