Cross-border funds cannot be remitted? SAFE and HSBC have responded: China's policy has not changed

Recently, Mobius Capital Partners co-founder Mark Mobius told the media that he could not transfer funds from his HSBC bank account in Shanghai to overseas, which attracted much attention from the market.

In response to this, today, the relevant person in charge of the foreign exchange bureau told the Financial Union reporter that he has noticed the situation. After understanding, the relevant business belongs to the basic process and internal control requirements of banks in handling specific business. There is no change in the policy of cross-border remittance of funds in and out of our country. The foreign exchange bureau will continue to promote high-level opening up, and at the same time guide and supervise commercial banks to optimize cross-border financial services and improve service levels.

"We are unable to comment on the situation of our clients, but we need to clarify that we have not received any requests from Chinese regulators to restrict the transfer of funds, nor have we been informed of any recent policy changes by the Chinese government on cross-border fund transfer. Similar to the situation in various countries, commercial banking business needs to follow certain procedures and internal control requirements."