China denies Mark Mobius claim that their government restricts capital flows

Chinese authorities have denied claims by billionaire investor Mark Mobius, who said he was unable to get money out of China due to government restrictions on capital flows.

Mobius was asked in a Fox Business interview last week if he had reduced his investments in China, saying, "The government is restricting the flow of money out of the country."

He warned investors to beware of 'government imposed' miscellaneous hurdles".

"I was personally affected because I had an account with HSBC in Shanghai," he told Fox Business. "I couldn't withdraw my money.

China has strict regulations on foreign exchange and the outflow of money from the country.

This is a "basic process and internal control requirement for banks to conduct certain activities," said an official with the State Administration of Foreign Exchange (SAFE). CNBC in a statement Monday. ". They did not mention HSBC.

SAFE said in a statement: "We have noticed that relevant market participants have doubts about our bank's handling of personal money transfer business. "There is no change in the country's policy on cross-border transfer of funds.

Mobius told Hong Kong's Ming Pao on Tuesday that "the problem has been solved", without giving further details.

Asked about the Ming Pao report, HSBC said: "We do not comment on individual customer situations.

SAFE said it will continue to guide and promote commercial banks to optimize cross-border financial services and improve service levels. he writes in a post on LinkedIn.

"Business as usual."

He said Mobius faced a process likely to be experienced by "anyone who wants to transfer overseas". He added that his company had "never had any problems" moving money to and from China.

"As for Mobius, the problem was with his personal bank account," wrote Alexander. He noted that Mobius "is not alone" and that others have had the same problem.