Is the number one hit single of 1990 from Stevie B .
Because I Love You, the US Dollar and fear capital control, the Chinese masses are snapping up the dollar, and this is bad news for the Ringgit.
Bloomberg has the love story. Read below :
Gone in 60 Seconds: Chinese Snap Up Dollar Funds as Yuan Tanks
U.S. dollar WMPs provide alternatives to sending money abroad
Authorities continue to clamp down on capital outflows
Chinese savers, eager to convert their yuan before the currency keeps depreciating, are snapping up U.S. dollar investment products that offer options for keeping money at home instead of sending it overseas.
The latest wealth management products from China Merchants Bank Co. in Shanghai last week, paying 2.37 percent annual interest on U.S. dollars, sold out in 60 seconds flat.
"You won’t be able to get it online because it’s gone in less than a minute," said a branch manager, who would only give the surname Xu, and encourages customers to book a day in advance next time.
