Wealthy Chinese clients are increasingly seeking to open bank accounts in the United States, according to private bankers and lawyers. This surge in demand follows the Chinese government's retroactive imposition of a 20% income and capital gains tax on offshore trusts in July. Clients are reportedly moving assets previously held in Singapore or Hong Kong to the U.S. to circumvent Beijing's expanding tax oversight. The U.S. is not part of the OECD's Common Reporting Standard (CRS) framework, meaning U.S. banks are not obligated to automatically share financial account data with Beijing, which offers a degree of tax avoidance for Chinese clients.