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Presenting The Most Striking Way Chinese Are Evading Capital Controls
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
zerohedge.com / by Tyler Durden / 02/16/2016 19:30 -0500
First it was over-invoicing ‘exports’ to friends in Hong Kong; then it was Bitcoin, most recently it was buying domain names, and now, the ever-industrious (and increasingly desperate) Chinese have found a new way to beat the government’s quasi capital controls… by losing.
China Law Blog’s Dan Harris explains how the Chinese are getting money out of China by losing in Arbitrations…
File this one under “just when I thought I had seen/heard everything.”
A month ago (exactly) we wrote about how it is getting a lot tougher to get money out of China. See Getting Money Out of China: What The Heck is Happening? Two weeks later, our own Steve Dickinson was interviewed by Bloomberg for a video piece, entitled, The Problem of Getting Money out of China. In the meantime, our China lawyers are getting a whole host of phone calls and emails from mostly foreigners who want to know (1) whether what their China counter-parties are giving as an excuse for not being able to send funds to invest or buy is true and (2) what can be done to get the funds?
Some of those callers/emailers want to use us to test some idea/scheme/plan to get money out of China. With all due respect/disrespect, 99 times out of 100, their ideas are either severely flawed and/or likely to lead to jail time.
The post Presenting The Most Striking Way Chinese Are Evading Capital Controls appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/17/presenting-the-most-striking-way-chinese-are-evading-capital-controls-2/
