The Wealthy in China are Turning to Underground Networks to Move Cash out of Country

China’s economy is so uncertain that the wealthy are turning to an underground network to secretly move cash out of the country Phil Rosen Oct 9, 2023, 2:17 PM EDT Some wealthy citizens in China are turning to underground money handlers to move cash, Bloomberg reported. Moving money through these quasi-banking systems is risky and can result in jail time.  Some Chinese underground banks settle transfers using funds generated by criminal groups, the report said. China’s economy has endured broad headwinds over recent months stemming from its troubled property sector and the lack of post-pandemic rebound. According to a Bloomberg report on Sunday, wealthy Chinese citizens…