Per Fox Business
China restricts capital withdrawal to outside the country, per billionaire investor Mark Mobius
3/7/2023
Morbius Capital Partners LLP's Mark Mobius says he can't get his capital out of China. He shared how he struggled to get money from his HSBC bank account in Shanghai.
Mobius: "I'm personally affected because I have an account with HSBC in Shanghai. I can't get my money out. The government is restricting the flow of money out of the country,"
The billionaire investor said people should be extremely careful when investing in China. He gave the statement to Maria Bartimoro on Mornings with Maria on Fox Business.
The investor shared how the government started becoming more control-oriented in China's economy. It was shared how the government was trying to take gold in shares of local companies.
Mobius: "Now you have a government which is taking gold in shares in companies all over China. That means they're going to try to control all these companies,"
The billionaire investor shared how the bank didn't tell him he couldn't get his money out. Rather, they said that they would require records from 20 years on how he could make his money.
Mobius: "I can't get an explanation of why they're doing this. It's just amazing. They're putting all kinds of barriers,"
Instead of investing in China, Mobius advised that another alternative with the most economic opportunity was India. The billionaire investor doesn't believe that the US economy will drop despite China tensions.
Recently, China's Xi announced that the military should be ready for a Taiwan invasion by 2027. However, CIA Director Burns shared how this doesn't confirm his decision to invade the country in 2027.
In 2022, China's population shrank for the first time since 1960. In 20221, there were 10.62 million babies born in the country, but in 2022, that number dropped to 9.56 million.
See flow at unusualwhales.com/flow.
Other News:
- China's Xi has ordered military to be ready for Taiwan invasion by 2027, CIA Director Burns says per FOX News
- China's population started shrinking in 2022 for the first time since 1960
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