Paul Tuon 3 weeks ago
Mark Mobius should've known or learned from the Chinese tycoons (in China) when they tried to take their wealth out of the country but couldn't.

This is nothing new and it has been widely reported by medias all over the world that China forbids any company or person or entity to take U.S. dollars more than $10,000 out of China.

This is because China is printing money -- the Chinese currency Yuan -- to exchange it with the U.S. dollars when U.S. companies buy products from China or when U.S. companies invest in China (like Mark Mobius did).

So Chinese companies who made products sold to U.S. companies actually get the currency in Yuan and not in U.S. dollars even though U.S. companies paid them in U.S. dollars. And those U.S. dollars are in the Chinese government control.

Yeah, you can bring U.S. dollars into the country but not taking it out of the country. This is not a secret.

Here is an excerpt from a Reuter article on March 5, 2023 about Mark Mobius:

Billionaire investor Mark Mobius told FOX Business he cannot take his money out of China due to the country's capital controls, cautioning investors to be "very, very careful" about investing in an economy under a tight government grip.

"I have an account with HSBC in Shanghai. I can't take my money out. The government is restricting flow of money out of the country," Mobius, founder of Mobius Capital Partners, told FOX Business in an interview published on March 2.

"I can't get an explanation of why they're doing this ... They're putting all kinds of barriers. They don't say: No, you can't get your money out. But they say: give us all the records from 20 years of how you made this money ... This is crazy."

Mobius' comments were circulated on Chinese social media site WeChat at the weekend (March 3, 2023).
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3 weeks ago