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Post by anenro on Feb 21, 2023 20:20:53 GMT 4
I have a pending transaction with an investor with funds at Bank of Chine (HK) Ltd.
And the client says he can pay for the item in question with a wire transfer in the amount of US$19,000,000.00
But according to Chinese banking law, no one can move more than US$50,000 per day.
Anyone with the knowledge on how Chinese citizens can move millions in one single wire transfer?
Your comments will be appreciated.
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Post by Sapphire Capital on Feb 22, 2023 13:29:54 GMT 4
He needs a permit from the People Bank of China, if he says he can it could also be that he has access to an account which is already cleared for it. However BoC HK has a different regime, He can send from HK if he has the foreign currency and all is declared.
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Post by atumdjeheuty on Feb 25, 2023 0:30:44 GMT 4
from HK should be no problem
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sapuco
Junior Member
Posts: 92 
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Post by sapuco on Feb 25, 2023 0:42:40 GMT 4
we had this week 320M transfer on an oil contract from HK, don't know what background work the sender had to do but there was no problem
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Post by anenro on Feb 28, 2023 16:05:31 GMT 4
Thank you for sharing your experience with me.
Best wishes to one and all.
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Post by anenro on Mar 6, 2023 22:03:35 GMT 4
Billionaire investor Mark Mobius says he cannot take money out of China -FOX Business
Reuters
Mark Mobius, executive chairman at Templeton Emerging Markets Group, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017.
SHANGHAI, March 5 (Reuters) - Billionaire investor Mark Mobius told FOX Business he cannot take his money out of China due to the country's capital controls, cautioning investors to be "very, very careful" about investing in an economy under a tight government grip.
"I have an account with HSBC in Shanghai. I can't take my money out. The government is restricting flow of money out of the country," Mobius, founder of Mobius Capital Partners, told FOX Business in an interview published on March 2.
"I can't get an explanation of why they're doing this ... They're putting all kinds of barriers. 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 made this money ... This is crazy."
Mobius' comments were circulated on Chinese social media site WeChat at 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.
"The bottom line is that China is moving in a completely different direction than what Deng Xiaoping instituted when they started the big reform program," he said, referring to the former Chinese leader.
"Now you have a government which is taking golden shares in companies all over China. That means they're going to try to control all of these companies ... So I don't think it's a very good picture when you see the government becoming more and more control-oriented in the economy."
Mobius, who calls himself "the Indiana Jones of Emerging Market investing", told FOX Business he's increasing exposure to alternative markets such as India and Brazil.
Mobius and HSBC could not be reached at the weekend.
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