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Gone in 60 Seconds: Chinese Snap Up Dollars

  • U.S. dollar WMPs provide alternatives to sending money abroad
  • Authorities continue to clamp down on capital outflows
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Chinese Snap Up Dollars as Yuan Tanks

Bloomberg News
Corrected

Chinese savers, eager to convert their yuan before the currency keeps depreciating, are snapping up U.S. dollar investment products that offer options for keeping money at home instead of sending it overseas.

A wealth management product from China Merchants Bank Co. in Shanghai last week, paying 2.37 percent annual interest on U.S. dollars, sold out in 60 seconds flat. The product, available since 2014, only allows new investors to buy in when existing holders exit.