Middle class joining frantic scramble to shift cash overseas as yuan hits seven-year low

China's foreign exchange reserves have fallen by US$873 billion since their all-time high in June 2014 -- and the decline is continuing. The reserves fell by US$46 billion in October, the largest monthly fall since January, but the dip in reserves only measures part of China's capital flight. Chinese residents are moving yuan assets abroad as well.

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Claire Huang, an economist at Societe Generale in Hong Kong, said the Chinese currency was likely to weaken further against the dollar in the coming months.... Lin Caiyi, chief economist at Guotai Junan Securities, said it was increasingly China's middle-class, such as Zhang, along with the super rich who were "diversifying" their wealth abroad.