Mobius’s Bank Headache Highlights Scrutiny on China Outflows
- Mobius had difficulties in transferring about 3 million yuan
- Investor later says money transfer issue was resolved
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Emerging markets investor Mark Mobius is discovering what many residents of China have known for months or even years: It’s becoming increasingly difficult to transfer money out of the country.
Mobius put a spotlight on the issue in a series of media interviews in recent days, saying he was having trouble transferring about 3 million yuan ($432,270) offshore amid “crazy” documentation requests. Mobius, best known for his early investments in developing countries over a multi-decade career at Franklin Templeton, later told Hong Kong newspaper Ming Pao that the issue “seems to have resolved.”