China denies Mark Mobius' claims that its government is restricting capital flow
Publishing timestamp: 2023-03-07 01:28:00
Summary
Billionaire investor Mark Mobius said he is unable to wire funds out of China due to government restrictions on capital flow. Chinese authorities have denied these claims, and HSBC said they do not comment on individual client circumstances. Officials at State Administration on Foreign Exchange (SAFE) said it is a matter of "basic process and internal control requirements of bank handling specific business." Peter Alexander, managing director of Z-Ben, said he did not encounter problems in cross-border capital flows out of China and that Mobius is "far from alone in his frustration" as other have experienced same issues.
Sentiment: MIXED
Keywords: stock markets, china, shanghai, world markets, hsbc holdings plc, business news, world economy,
Source: https://www.cnbc.com/2023/03/07/china-denies-mark-mobius-claims.html