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$3b would be chump-change in the worldwide black economy. I'm guessing that this extra-legal money is quite happily parked in legal low-tax economies earning interest. So.. if we're taking the moral high ground, isn't there room for some whataboutism or tu coque here?

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This is just signal to the remaining 1-2 trillion Underground banking sector to get out of it. If China goes after all of it at once it will crash it economy or at least stall it. These Busts and other signals have been coming out of the Chinese government in the last few weeks after the twice a decade party conference.

I'm guessing that this extra-legal money is quite happily parked in legal low-tax economies earning interest.

I'm certain that even if they're losing 2% they are quite happy to have it out of China. This is not a Chinese farmer taking his money out of China, most likely you're talking about corrupt politicians that make $20 million with the stroke of a pen.

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