AIA plunges on China capital controls report

Shares in insurance group AIA plunged nearly nine percent in early Hong Kong trade Wednesday after a report said China would clamp down on the purchase of overseas cover. Beijing wants to close a loophole in its capital controls aimed at stemming the outflow of its depreciating yuan currency, as the economy logs its slowest growth in 25 years. China limits the amount of money individuals can move out of the country to $50,000 per year, and the overseas purchase of insurance products on credit or