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Backlash Against Weaponized Dollar Is Growing Across the World
(finance.yahoo.com)
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this post was submitted on 02 Jul 2023
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Again not sure what foreign property would do for them when they haven't left China and have no plans to do so. They're almost at retirement age so if they haven't made any plans...
So the other half of this story was they went around to all their relatives who are based overseas and got them to "store" converted currency in GBP, USD, CAD etc. If it was me I would be converting to the place I'm interested in residing not just anything I can get my hands on.
The other relatives weren't smart enough or was too under pressure to say no. Also someone storing currency in your name rather than their own even as a relative causes tax issues at the very minimum and other issues if the money has come from a non legitimate means (I'm not inferring this is what happened just saying the worst case scenario on why you shouldn't deposit money from someone else)
It's almost always investment/for children's education/etc.