Billionaire investor (click here) and founder Mobius Capital Partners 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'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 told FOX Business host Maria Bartiromo. "So I would be very, very careful investing in China."
"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." he added....
...The deal was reached as President Joe Biden and Chinese counterpart Xi Jinping (click here) have sought to tamp down signs of public tension — even as the world’s two dominant economies are at odds on issues as diverse as cybersecurity, climate change, human rights and trade and tariffs. Biden said in an address before the U.N. General Assembly earlier this week that he had no intention of starting a “new Cold War,” while Xi told world leaders that disputes among countries “need to be handled through dialogue and cooperation.”
As part of the deal, disclosed in federal court in Brooklyn, the Justice Department agreed to dismiss the fraud charges against Meng in December 2022 — exactly four years after her arrest — provided that she complies with certain conditions, including not contesting any of the government’s factual allegations. The Justice Department also agreed to drop its request that Meng be extradited to the U.S., which she had vigorously challenged, ending a process that prosecutors said could have persisted for months.
Meng’s attorneys said they fully expect the charges to be dismissed in 14 months. “We’re very pleased that in the meantime she can go home to her family,” said defense lawyer Michelle Levin....