As yuan weakens, Chinese rush to open foreign currency accounts

Business & Technology

"In the first 11 months of 2016, official figures show that foreign currency bank deposits owned by Chinese households rose by almost 32 percent, propelled by the yuan’s recent fall to eight-year lows against the dollar." Bloomberg additionally reports that the total foreign currency outflows are "estimated to have totaled more than $1.5 trillion since the beginning of 2015," as many Chinese seek safety for their savings through U.S., Australian and Hong Kong dollars.