Investing abroad has long been out of reach for most Chinese, but a handful of internet apps aim to make it a possibility for a rising middle class.
The summer’s stock market plunge and the devaluation of the renminbi have dented the confidence of many Chinese who had been content to keep their money on the mainland. Their investment options were limited to low-yielding domestic deposits, a volatile real estate market, bumpy stocks or keeping their cash under the mattress.
Capital outflows by wealthy Chinese have ballooned this year, with the US Treasury recently estimating that $500bn left China in the first eight months of the year.
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