Wealthy Chinese move offshore money to U.S. banks as Beijing’s tax net widens

What happened: Bankers and lawyers say demand from wealthy Chinese clients for U.S. bank accounts has gathered pace as Beijing tightens enforcement on Chinese offshore wealth. Why it matters: The shift points to growing concern among wealthy Chinese about Beijing's widening tax net, with clients moving money to U.S. banks in response.

Bankers and lawyers say demand from wealthy Chinese clients for U.S. bank accounts has gathered pace as Beijing tightens enforcement on Chinese offshore wealth.

The shift points to growing concern among wealthy Chinese about Beijing's widening tax net, with clients moving money to U.S. banks in response.