By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Private Banks RankingPrivate Banks Ranking
Notification Show More
Latest News
Best Tax Lien Investing Courses of 2023
Investing
Bitcoin holds ground amid Binance lawsuit, XRP continues run up, U.S. equities dip
Bitcoin holds ground amid Binance lawsuit, XRP continues run up, U.S. equities dip
Finance
Meta, Google defend Brazilian law on responsibility for internet content
Business
Wall Street ends down with tech; investors assess bank comments
Banking
BM Technologies shakes up its C-suite
BM Technologies shakes up its C-suite
Banking
Aa
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Reading: HSBC China says it’s unaware of remittance curbs after Mobius’ claims
Share
Private Banks RankingPrivate Banks Ranking
Aa
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Search
  • Finance
  • Business
  • Banking
  • Investing
  • ETFs
  • Mutual Fund
  • Personal Finance
  • 2022 RANKING
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Private Banks Ranking > Blog > Banking > HSBC China says it’s unaware of remittance curbs after Mobius’ claims
Banking

HSBC China says it’s unaware of remittance curbs after Mobius’ claims

By Private Banks Ranking 3 weeks ago
Share
2 Min Read
SHARE

SHANGHAI, March 7 (Reuters) – HSBC’s China unit said on Tuesday it has not been told by regulators to restrict outbound remittances and was unaware of recent capital outflow curbs, after billionaire Mark Mobius, its client, said he could not take money out of the country.

China’s foreign exchange regulator also said on Monday there is no change in policy on cross-border remittance of funds and that it would continue to promote opening-up to the world.

“We did not receive any requirements from the Chinese regulators to restrict outbound remittances, nor are we aware of any policy changes recently by the Chinese authorities with regards to cross-border capital outflows,” an HSBC China (HSBA.L) spokesperson said via email.

HSBC China made the statement in response to Reuters’ questions regarding Mark Mobius’ claims that he could not remit his money out of China from his account with HSBC in Shanghai due to China’s capital controls.

Latest Updates

View 2 more stories

Mobius, founder of Mobius Capital Partners, told FOX Business last week that he faced all kinds of barriers in the process, including requirements to show records from 20 years of how he made the money.

HSBC China declined to comment on individual client circumstances but said: “As common practices in many countries commercial banks conduct businesses under operational procedures and control requirements for processing transactions appropriately.”

The State Administration of Foreign Exchange (SAFE) said in a statement to Reuters late on Monday that individual remittance of funds needs to go through a bank’s basic process and is subject to internal control requirements.

See also  Goldman Lampe the best savings and investment bank according to M&A Today - Global Awards - 2022

The Chinese forex regulator added it will urge commercial banks to optimise cross-border financial services and improve quality of service.

Reporting by Shanghai newsroom; Editing by Christopher Cushing and Sam Holmes

: .

Source link

You Might Also Like

Wall Street ends down with tech; investors assess bank comments

BM Technologies shakes up its C-suite

Explainer: What are credit default swaps and why are they causing trouble for Europe’s banks?

CFTC sues Binance over compliance ‘evasion’

CFPB’s Chopra: regulators need to assess risks in faster communications

TAGGED: China, Claims, curbs, HSBC, Mobius, remittance, unaware
Share this Article
Facebook Twitter Email Print
Share
Previous Article BM Technologies to cut 25% of staff Banking technology provider Amount cuts 25% of staff
Next Article Silvergate’s deepening crisis jolts crypto stocks
Leave a comment

Leave a Reply Cancel reply

You must be logged in to post a comment.

Private Banks RankingPrivate Banks Ranking
Follow US

© 2022 Private Banks Ranking- 52-54 Lime Street, EC3, London. All Rights Reserved.

  • Blog
  • Contact
  • Privacy Policy
  • Terms & Conditions
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?