Money Outflow Worries China
China has registered an "abnormal" cross-border capital flow, a senior official of the State Administration of Foreign Exchange (SAFE) said. The recent interest rate cuts and the global financial crisis were singled out as main reasons by Hu Xiaolin, Head of the SAFE. Hu did not say how much money had left China. "Where the money will flow is quite uncertain," he said. In December, China's Forex reserves fell for the first time since 2003. Currently, China holds an amount "below USD1.9 trillion of foreign exchange reserves," state media reports.
Chinese Less Concerned About Saving
A new survey by MasterCard reveals that 77 per cent of respondents in
China are "concerned about saving," state media reports. While this
seems a high number, the average for the Asia Pacific region was 87 per
cent. Five per cent of Chinese under the age of 30 said they worry
about retirement and its costs. MasterCard surveyed 6,000 people in 14
countries and regions.
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