China’s central bank cut interest rates and lowered the amount of reserves banks must hold for the second time in two months yesterday, ratcheting up support for a stuttering economy and a plunging stock market that has sent shockwaves around the globe.

For many in the ranks of China’s wealthy, the shock devaluation in the yuan is a cause of regret — that they hadn’t moved more money offshore sooner.

China has rattled the financial markets by cutting the value of its currency - called the yuan or the renminbi – by almost 4% in two days.