Wealthy Chinese move offshore money to U.S. banks as Beijing’s tax net widens

Chinese clients have increased requests for U.S. bank accounts, according to bankers and lawyers interviewed by Reuters. Beijing has expanded enforcement actions targeting offshore wealth held by Chinese nationals. The shift reflects concern among wealthy Chinese individuals about stricter capital controls and tax enforcement by Chinese authorities.

• CNBC — Wealthy Chinese move offshore money to U.S. banks as Beijing’s tax net widens

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