Monthly debt market data shows foreign investors have been net sellers for seven straight months to August as what had been a lucrative yield premium in China vanished as U.S. interest rates soared. GIMME SHELTERAmid foreign investors' exodus, there are signs of locals following as fast as allowable under capital controls that were tightened after the previous season of heavy outflows in 2016. Moving money is also very difficult as COVID-19 curbs on travel add another layer to capital controls. Data from consultancy Education International Cooperation showed a 41.5% jump in queries about study in Hong Kong between January and July, compared with the same period a year earlier. They expect a rush to Hong Kong products when the border between Hong Kong and the mainland reopens.

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