China lifts exit ban on Wells Fargo banker amid US trade talks

[BEIJING] China has released a Wells Fargo banker it earlier blocked from leaving the country, according to a source familiar with the matter, ahead of a potential in-person meeting between US President Donald Trump and Chinese President Xi Jinping.

The exit ban on Mao Chenyue, a US citizen and one of the American bank’s top trade financing bankers, has been lifted, said the source, who asked not to be identified discussing private information. It was not immediately clear if she has returned to the US.

Mao was barred from exiting China this past summer. Chinese authorities said in July that she was involved in a criminal case that was under investigation, without giving details. Following her exit ban, San Francisco-based Wells Fargo moved to restrict other employees from visiting China.

On Tuesday, Adam Boehler, the US special envoy for hostage response, said at an event that China has released an American citizen who was subject to an exit ban, without identifying the individual.

“We did just get someone that was held in their home released from China,” he said during a fireside chat hosted by the Center for a New American Security, a US-based research group.

“It’s unacceptable everywhere to do those things. China should know that and I think we made it very clear and they responded in a positive way from that perspective,” Boehler said. “I would hope that China continues to proactively respond because in this administration, you’re always on better negotiating ground if you don’t have Americans. Always.”

A State Department spokesperson said its top priority is the safety and security of US citizens, and it had nothing to add to Boehler’s comments. Wells Fargo and China’s Foreign Ministry did not immediately respond to requests for comment.

China and US representatives kicked off high-level talks in Madrid over the weekend on trade and national security issues. So far, both parties have reached a framework to keep ByteDance’s TikTok app running in the US, and President Trump has said he would speak with Xi on Friday, when they are scheduled to attend a summit in South Korea.

China’s use of exit bans has been a point of contention between Beijing and Washington. Mao’s case followed several similar incidents, including an American individual who works for the US Department of Commerce.

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The US State Department has repeatedly advised American citizens to reconsider travel to China based on what it called the “arbitrary enforcement of local laws, including in relation to exit bans”.

Mao is fairly high profile in her industry. In June, the Wells Fargo managing director was elected the chair of FCI, a global body for factoring and financing for domestic and international trade. She leads Wells Fargo’s international factoring business and advises multinational clients on cross-border working-capital strategies, according to FCI. BLOOMBERG