It is difficult for a government + central bank to do many of their money machinations/manipulations if people have the option of bowing out of the system. [note to the powers-that-be who counsel against my use of "well duh." "Well duh" would have conveyed the thought in seven letters, I like "well duh."]
From Business Insider, March 3:
- Emerging markets investing veteran Mark Mobius says China is restricting capital outflows.
- He told Fox Business' "Mornings with Maria' that he couldn't pull investment funds from his account in Shanghai.
- Mobius said he's been unable to get an explanation about the "crazy" restriction.
Mark Mobius, a pioneer in emerging markets investing, said China is restricting investment outflows from the country, a move that would be taking place as the world's second-largest economy is trying to shake off pressure from COVID-19 lockdowns.
"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," Mobius said on Thursday on the Fox Business show "Mornings with Maria". "So I would be very, very careful investing in China," the founder of Mobius Capital Partners said.
Mobius, who has spent decades traveling the world searching for investment opportunities, said he hasn't been able to get an explanation about why he's running into the restrictions in China.
"It's just amazing. They're putting all kinds of barriers," he said. "They don't say, 'No, you can't get your money out,' but they say, 'Give us all the records from 20 years of how you've made this money,' and so forth. It's crazy."....
....MUCH MORE
