US wins release of Wells Fargo banker barred from leaving China, sources say

BEIJING - A Wells Fargo banker, Ms Mao Chenyue, who had been barred from leaving China for several months, has been allowed to return to the United States following negotiations between US and Chinese officials, according to two people with knowledge of the case.

She has already left China, one of the sources said.

The removal of Ms Mao’s exit ban comes after US and Chinese officials struck a deal in Madrid to switch short-video app TikTok to US-controlled ownership, a breakthrough in months-long talks between the two biggest economies to defuse a wide-ranging trade war that has unnerved global markets.

The news of the removal of Ms Mao’s exit ban was first reported by the Washington Post.

It was not immediately clear whether the subject of her exit ban had come up in Madrid or was part of separate talks.

China’s Foreign Ministry said in July that she had been prevented from leaving China due to her involvement in a criminal case and that she had been required to cooperate with an investigation.

“China is a country governed by rule of law, and handles criminal cases and issues of exit and entry according to its laws,” the foreign ministry said on Sept 17, when asked for an update on Ms Mao’s case.

Ms Mao spearheads Wells Fargo’s international factoring business, a financing method where companies sell their receivables to third parties, such as banks, in exchange for immediate cash, and advises multinational clients on cross-border working-capital strategies.

Wells Fargo, the White House, the US State Department and the US Embassy in Beijing did not immediately respond to Reuters requests for comment.

Ms Mao did not immediately respond to an email seeking comment.

Her exit ban had revived fears that employees of foreign firms risk entanglement with Chinese authorities, business groups and diplomats say.

Ms Mao has been with Wells Fargo for over a decade, according to her LinkedIn profile. REUTERS