China foreign ministry, on exit ban on Wells Fargo banker: China is committed to high-standard opening up

China foreign ministry, on exit ban on Wells Fargo banker: China is committed to high-standard opening up

Wells Fargo (WFC.N) has temporarily halted all travel to China following an exit ban imposed on one of its top trade financing bankers, Chenyue Mao. Mao, a managing director based in Atlanta, was prevented from leaving China after entering the country recently, according to sources familiar with the matter [1, 2, 3].

The incident has raised concerns about the business risks in China, particularly around employee safety and freedom of movement. Wells Fargo has stated that it is closely tracking the situation and working through the appropriate channels to facilitate Mao's return to the United States [1, 2].

Mao, who was born in Shanghai, serves as a managing director at Wells Fargo and spearheads the bank's international factoring business. She also advises multinational clients on cross-border working-capital strategies [1]. The exit ban could further chill corporate travel to China and complicate relations between the world's two largest economies, which already face deepening strategic, economic, and geopolitical rivalries [1].

The Chinese Foreign Ministry has stated that China is committed to high-standard opening up, but the use of exit bans has been a point of contention between Beijing and Washington. The US State Department has repeatedly advised citizens to reconsider travel to China due to the arbitrary enforcement of local laws, including exit bans [2].

Wells Fargo has a minimal presence in China, with offices in Beijing and Shanghai to manage relationships with local clients in its corporate and investment banking business [2]. The travel suspension comes at a time when global banks have scaled back their presence in China due to economic slowdown and political tension [2].

The case of Mao is not an isolated incident. Chinese authorities have increasingly used exit bans on both Chinese and foreign nationals, often in connection with civil disputes, regulatory investigations, or criminal probes [1, 2]. Human-rights groups have criticized China for using exit bans as a means of intimidation and leverage [1].

References:
[1] Reuters. (2025, July 17). Wells Fargo halts China travel after employee exit ban, source says. Retrieved from https://www.reuters.com/business/finance/wells-fargo-suspends-china-travel-after-employee-exit-ban-source-says-2025-07-17/
[2] Bloomberg. (2025, July 17). Wells Fargo & Co. suspends travel to China as banker blocked from leaving. Retrieved from https://www.bloomberg.com/news/articles/2025-07-17/wells-fargo-suspends-china-travel-as-banker-blocked-from-leaving
[3] New York Post. (2025, July 17). Business: Wells Fargo banker blocked from leaving China. Retrieved from https://nypost.com/2025/07/17/business/wells-fargo-banker-blocked-from-leaving-china-report/