Official announcements from Chinese government agencies or reports from credible news outlets

Chinese Residents in 'Quarter-Trillion Dollar Rush' Illicitly Move $254 Billion Overseas

Oct 23, 2024, 10:39 AM

Chinese residents, concerned about the country's economic growth, have been moving substantial amounts of money overseas using various methods, including cryptocurrency and fine art. According to The Wall Street Journal, as much as $254 billion might have left China illicitly in the four quarters through the end of June 2024. This capital flight, referred to as the 'Quarter-Trillion Dollar Rush,' is significantly larger than the outflows seen nearly a decade ago, which had previously raised fears of a potential financial crisis.