Chinese investors rushing offshore to make USD deposits – putting yuan under more pressure

<p>Reuters with the info on outflows from China:</p><p>
The outflows highlight deep-seated concern about the state of China's economy as its much-awaited pandemic recovery stalls.</p><ul><li>Mainland Chinese holdings under a nascent scheme allowing investment in Hong Kong and Macau wealth products have more than doubled since the end of last year to 814 million yuan ($110 million). New premiums collected on Hong Kong insurance policies leapt a staggering 2,686% to $9.6 billion in the first quarter of 2023.</li><li>Offshore demand for policies denominated in … U.S. dollar … are … prevalent</li></ul><p><a href="https://www.reuters.com/markets/currencies/chinese-rush-buy-hong-kong-insurance-dollars-confidence-cracks-yuan-weakens-2023-07-06/" target="_blank" rel="nofollow">Link here for more. </a></p>

This article was written by Eamonn Sheridan at www.forexlive.com.