China foreign ministry says "not familiar with the matter" regarding exit ban on Wells Fargo banker

China foreign ministry says "not familiar with the matter" regarding exit ban on Wells Fargo banker

Title: Wells Fargo Suspends China Travel After Employee Exit Ban

Wells Fargo has suspended all travel to China following the exit ban imposed on one of its employees, Chenyue Mao, a managing director based in Atlanta [1]. Mao, a U.S. citizen born in Shanghai, was reportedly blocked from leaving China after entering the country in recent weeks. The incident has raised concerns among multinational companies about the risks of doing business in China and has the potential to chill corporate travel to the country [2].

Wells Fargo confirmed the suspension in a statement, saying they are closely tracking the situation and working through appropriate channels to facilitate Mao's return to the United States [1]. The banker's role involves spearheading the international factoring business and advising multinational clients on cross-border working-capital strategies [3].

The incident comes amidst broader tensions between the U.S. and China, shaped by deepening strategic, economic, and geopolitical rivalries [1]. Beijing has increasingly used exit bans on both Chinese and foreign nationals, often in connection with civil disputes, regulatory investigations, or criminal probes [3]. Many affected individuals are unaware of the restrictions until they attempt to leave the country [3].

The Chinese foreign ministry, when asked about the matter, stated that it was "not familiar with the situation" regarding Mao's exit ban [4]. This response comes as companies have increasingly introduced safeguards, such as advising staff to enter China in groups rather than alone, due to the rising use of exit bans [3].

The incident could further complicate relations between the world's two largest economies and may impact the ongoing negotiations for a trade deal [4]. Human-rights groups have criticized China's use of exit bans, often targeting individuals under investigation or those asked to cooperate with government inquiries [3].

References:
[1] https://www.cnbc.com/2025/07/17/wells-fargo-suspends-china-travel-after-employee-exit-ban-reuters.html
[2] https://www.finews.asia/finance/43647-wells-fargo-mao-chenyue-exit-ban-china
[3] https://www.reuters.com/business/finance/wells-fargo-suspends-china-travel-after-employee-exit-ban-source-says-2025-07-17/
[4] https://www.bloomberg.com/news/articles/2025-07-17/wells-fargo-suspends-china-travel-as-banker-blocked-from-leaving