How About Those Outflows? Still Going...

Bloomberg: Chinese Capital Outflows May Still Be Happening — But In Disguise
But a report from a Nomura Holdings Inc. team led by Chief China Economist Yang Zhao says these capital outflows have merely taken another form: the over-invoicing of imports from select locales. And this time, it's not just a Hong Kong story.

"A detailed breakdown by region shows imports from some tax haven islands or offshore financial centres surged" in the first half of the year, he writes, "against the backdrop of a large decline in overall imports."

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