Big harvest, big escape!
After the central bank's exchange rate and stock market stabilized, the offshore RMB exchange rate once rose above 7.
After that, state-owned enterprises, powerful capital and Wall Street capital sold stocks at high prices and exchanged for US dollars to leave the market. China saw a double kill of stocks and currencies, with A shares plummeting 16% in 3 days and the RMB plummeting 1,600 points in a week. Today it fell to 7.13, a 2% drop in two weeks.
In the next two weeks, it may be a high probability event for the RMB to break 7.3 and A shares to break 3,000.
The stampede selling of A shares and the escape of funds in exchange for US dollars have become the norm, and the possibility of a double kill of stocks and currencies turning into a financial storm is increasing.
China is intercepting capital outflows. In addition to restricting capital transfers and foreign exchange exchanges, it has begun to tax the overseas investment income of super-rich people. In recent months, some wealthy people in major Chinese cities have been asked to conduct self-examinations or summoned by tax authorities. People familiar with the matter said that the individuals contacted will face investment income taxes of up to 20%. Some of the wealthy have at least $10 million in offshore assets, and some are shareholders of listed companies in Hong Kong and the United States.
The cold winter of China's economy has begun, and a financial storm is imminent. $BTC #大A香还是大饼香
