BEIJING (Reuters) – China’s foreign exchange regulator said on Monday that there is no change in China’s policy on cross-border remittance of funds, and it will continue to promote a high-level opening-up to the world.
The State Administration of Foreign Exchange (SAFE) made the comments in response to Reuters questions regarding billionaire investor Mark Mobius’ claims that he cannot take his money out of China due to its capital controls.
“Individual remittance of funds is a bank’s basic process and internal control requirements,” the regulator said, adding that it will guide and urge commercial banks to optimise cross-border financial services and improve service levels.
Mobius’ comments were circulated on Chinese social media sites over the weekend.
Mobius led emerging market investment at Franklin Templeton Investments for three decades and is known for his bullish view on China. Now, though, he said, he “would be very, very careful” investing in the country.
(Reporting by Meg Shen and Ethan Wang; Editing by Toby Chopra and Mark Heinrich)