Billionaire Mark Mobius, founder of Mobius Capital Partners, says he cannot withdraw funds from HSBC in Shanghai, China. Citing strict capital controls by the Chinese government, he stressed, ” Crazy… They are putting up all kinds of barriers,” he stressed.
Mark Mobius, struggling to get money out of HSBC in China
Mark Mobius, founder of Mobius Capital Partners, revealed in an interview with Fox Business last week that he is unable to withdraw money from HBSC in China. Mr. Mobius spent more than 30 years at Franklin Templeton Investments before starting his own firm. He previously served as executive chairman of the Templeton Emerging Markets Group, where he managed an emerging markets portfolio of more than $50 billion.
Discussing the problems with the Chinese economy and government controls, the billionaire revealed.
I am personally affected. I have an account with HSBC in Shanghai and I can’t withdraw my money…I can’t even get an explanation as to why they are doing this. I am just amazed. They put up all kinds of barriers.
They don’t say, “No, we can’t give you money.” But they want us to give them all the records for 20 years.” This is crazy,” he exclaimed, emphasizing that the issue was “serious.”
He cautioned against investing in China, saying, ” The government is restricting the outflow of funds out of the country: …… So you should be very, very careful about investing in China,” instead of investing in China, he explained.” What we are doing is going to Hong Kong, where there seems to be a little more openness and money coming in and out… I think you have to be very, very careful about putting money into China.”
The founder of Mobius Capital opined on the impact of China’s lifting and resumption of its zero-covid policy. He said, “Right now, we have governments getting golden shares in companies all over China. He warned, “I mean, they will try to control all these companies,” pointing to what has already happened to Tencent and Alibaba.
Mobius emphasized.
It doesn’t look good to see the government becoming more control-oriented in the economy.
{Mebius, referring to the Chinese leader who served from December 1978 to November 1989, said, “In short, China is going in a very different direction than it was when Deng Xiaoping started his great reform program.”
Commenting on the billionaire’s difficulties in withdrawing money from HSBC in China, a bitcoin supporter noted on social media thatBTCcan solve such problems; it can be used to buy and sell shares in the Chinese market, and it can be used to buy and sell shares in the Chinese market. However, Mobius has long been skeptical of Bitcoin and crypto. Last November, he predicted a drop in the price ofBTCto $10,000, from its current price of $22,508. He also said cryptocurrencies are “too risky” for him to invest in, and advised investors to look at them not as a means of investment, but as “a means to speculate and have fun.”
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