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Billionaire investor Mark Mobius said the money withdrawal problem in China appears to have been resolved, responding to inquiries from local newspapers, but declined to give further details.
Mobius had earlier said that he cannot transfer his funds in HSBC account in Shanghai to overseas, but the bank left the incident unexplained, instead asking him to provide records on how to earn these funds in the past 20 years. He doubted that China is enforcing capital control.
A spokesperson of the State Administration of Foreign Exchange (SAFE) also said that it has noted the situation.
After investigation, it concluded that the relevant operation was a basic procedure and internal control requirements of the bank in handling specific business, stressing that there is no change in the cross-border remittance and remittance of funds in China, the SAFE said.