New Chinese money rules threaten tide of foreign buyers in Canada and USA
Only time will tell which side of this story plays out. An interesting note in the article, is a window to the motivation behind this, "a bid to keep the country’s foreign reserves from dipping below $3-trillion, a line Beijing does not want to cross, he said. In November, China’s foreign reserves stood just $50-billion from that mark." Followed by, "Every month, Chinese people spend between $15-billion and $20-billion abroad on services such as tourism and education. It’s a huge cash drain."
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