HSBC China says didn’t receive instructions from Chinese regulators to restrict outbound remittance

SHANGHAI: HSBC China said on Tuesday it did not receive any instructions from Chinese regulators to restrict outbound remittance, and was not aware of any Chinese policy changes recently regarding cross-border capital outflow.

HSBC China made the statement in response to Reuters’ questions regarding billionaire investor Mark Mobius’ claims that he cannot take his money out of China from his account with HSBC in Shanghai due to China’s capital controls.

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“As common practices in many countries commercial banks conduct businesses under operational procedures and control requirements for processing transactions appropriately,” a HSBC China spokesperson said via email, declining to comment on individual client circumstances.