Why does China need a proxy?

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Well they wouldn’t want to undermine their own currency, which as a communist state is key to their manifesto

Saying that, I bet their are all sorts of capital leakage avenues, off market of course, in which party officials are making as much money as they can

Think off shore companies. Relatives as dormant shareholders. Etc etc which if true they wouldn’t need a nation state as a front

Who knows! All guess work