Photographer: Nelson Ching/Bloomberg

How Chinese Used Insurance to Dodge Currency Controls

  • Hong Kong's haven turns polices into actual insurance for cash
  • Chinese have bought record amounts of insurance in Hong Kong

Before the Chinese regulator stepped in this week with measures against the insurance industry aimed at curbing the country’s $1 trillion worth of capital outflows in 2015, hundreds of thousands of mainland Chinese had been flocking to Hong Kong to buy policies using their China-issued UnionPay credit or debit cards.

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