How the Chinese Move Their Money Out of the Economy

[LiteCoinGuy]

[Fortify]

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Very interesting information, just goes to show that no matter how hard authorities try it is impossible to stop people trading one currency for another. If people think the Chinese currency is going to weaken, they will sell and it (doesn't really) reflects on the competency of the leadership. To run a country like China you have to look infallible, but the truth is all humans make mistakes and economies will crash when they need to.

[bitsmichel]

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Very interesting information, just goes to show that no matter how hard authorities try it is impossible to stop people trading one currency for another. If people think the Chinese currency is going to weaken, they will sell and it (doesn't really) reflects on the competency of the leadership. To run a country like China you have to look infallible, but the truth is all humans make mistakes and economies will crash when they need to.

Of course this is impossible.  The Chinese could also buy products and sell those products abroad. There's no way to stop trade, not even in the most communist countries.

[MyBTT]

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Very interesting information, just goes to show that no matter how hard authorities try it is impossible to stop people trading one currency for another. If people think the Chinese currency is going to weaken, they will sell and it (doesn't really) reflects on the competency of the leadership. To run a country like China you have to look infallible, but the truth is all humans make mistakes and economies will crash when they need to.

The Chinese are great at what they do. If they want to get their money out of China, they can do it.

[SFR10]

The nice thing here is BTCitcoin is second on the list and that's why many of users happen to come from China due to the fee cost but the sad thing is, they seem to just buy and sell it due to wealth transfer to another country and when they do this, it sort of makes the whole market being manipulated at times, given if they transfer large amounts.

[maku]

What is this false info about bitcoin transaction fees? Bitcoin transaction is not based on value or amount of transferring money/BTC.
It maybe small but that is the way misconceptions are born.

[justspare]

I am quite sad that Bitcoin transfer is so far down the list, but I am happy that paypal transfer is last on the list.

[Amph]

it seems like the entire world is turning in a giant scam forge, there is no real contorl anymore, and thus that control everything are the first criminal

[HeroCat]

In China everything is checked by state, so everyone Chinese can not spent even 1 cent without full state supervision. In China farms average monthly salary is only around 40 USD per month, so rich people are exception there. 

[Denker]

I am quite sad that Bitcoin transfer is so far down the list, but I am happy that paypal transfer is last on the list.

Why?
This just shows and proves that it is the good old traditional payment methods and channels which are mostly used for money laundering and capital flight.

[jaysabi]

What is this false info about bitcoin transaction fees? Bitcoin transaction is not based on value or amount of transferring money/BTC.
It maybe small but that is the way misconceptions are born.

It increasingly is these days now that the network is operating at capacity. You can't get your transaction to confirm without paying substantially more in fees, and the more you're transacting, the more you'll likely have to pay to get the network to confirm it quickly, otherwise you're sitting with an unconfirmed transaction for an extended period of time that can't be used anywhere. The higher the value of your transaction, the more risk you're taking on by not paying extra fees. So while it's not required to pay more to transact more value, there is a de facto situation where this is increasingly proving true, and it will stay this way until bitcoin solves the block capacity problem.

[jaysabi]

I am quite sad that Bitcoin transfer is so far down the list, but I am happy that paypal transfer is last on the list.

Why?
This just shows and proves that it is the good old traditional payment methods and channels which are mostly used for money laundering and capital flight.

Paypal is a lot closer to revolutionary than it is to the traditional banking model.

[amacar2]

I am quite sad that Bitcoin transfer is so far down the list, but I am happy that paypal transfer is last on the list.

Why?
This just shows and proves that it is the good old traditional payment methods and channels which are mostly used for money laundering and capital flight.

Paypal is a lot closer to revolutionary than it is to the traditional banking model.

paypal is just a robber which have lots of fee in transaction even for a transaction with small amount. But i doubt how paypal allow to do that money laundaring from china?

[jaysabi]

I am quite sad that Bitcoin transfer is so far down the list, but I am happy that paypal transfer is last on the list.

Why?
This just shows and proves that it is the good old traditional payment methods and channels which are mostly used for money laundering and capital flight.

Paypal is a lot closer to revolutionary than it is to the traditional banking model.

paypal is just a robber which have lots of fee in transaction even for a transaction with small amount. But i doubt how paypal allow to do that money laundaring from china?

In order for it to be robbery, someone has to take money without the owner's consent. If you're using PayPal, you're consenting to the fees. Anyone who doesn't like PayPal's fee structure can very easily avoid paying any fees by not using the service. It's almost like magic!

[qiwoman2]

That's quite a list, also what's very popular with rich Chinese is to buy citizenship in western countries like where I am in Cyprus. They have to purchase property or invest and then they automatically get citizenship.  It's also quite common for Chinese men to practice polygamy or have mistresses in various countries where they have bought property and the main wife is in China lol. I know this for a fact because I lived in Canada in what they call Ernai village and I knew a few Chinese women who were the mistresses of such rich Chinese men and it is common practice.

[countryfree]

In every country where there are some kind of capital controls, people are fighting back with different ways to bypass them. China's no different than others. One problem though, is that China doesn't have large denomination banknotes. Smuggling cash out of the country require larges suitcases.

[locho16]

Surprising that they didn't mention the biggest, which is Chinese citizens going to Hong Kong, buying things with credit, then returning those things to the store for cash, which can be in any denomination. Then they take the cash to a HK bank, open an account, and badabing they have an overseas bank account.

[jchst]

The more restrictions they make about each money the harder is to moove,but there will be always a way to moove,soo instead to try to raise more and more to keep the money controled why dont let it free ,some will try to invest others will be scared since before were forbidden and now allowed.One thing governments have to know and should know already they cant control every person money,they try but they cant.

[panju1]

Surprising that they didn't mention the biggest, which is Chinese citizens going to Hong Kong, buying things with credit, then returning those things to the store for cash, which can be in any denomination. Then they take the cash to a HK bank, open an account, and badabing they have an overseas bank account.

That is kind of cumbersome, right? Plus when you deposit cash in a bank (especially large amounts), aren't questions asked?
This method (if it works) is also risky for stores because of the risk of chargebacks.

[kingaltcoins]

Well I see China has some specific epithets regarding their schemes which are although unique but not long lasting.

Even though they try to extract out their money this way, they will be at a huge scarcity when the bonds will go against their whims.