"CHINA’S CAPITAL ACCOUNT NOT SO CLOSED AFTER ALL…"

"I have another interpretation: the program was legal, but not announced, in order to enable party cronies to transfer money out of the country without arising suspicion internationally about the Chinese growth miracle (who needs to invest in foreign lands if growth back home is so great?) and not to anger the “unwashed masses” in China. The article is silent about whether the banks offered this product to every costumer, or just to the initiated. This would be interesting information." [link]