Why can't this Wells Fargo banker leave China? The Chenyue Mao case everyone's talking about
Chenyue Mao
, has become the unexpected face of a growing anxiety among global businesses: what happens when one of your own can't leave China?
Why Was Mao Blocked from Leaving China?
Mao, a US citizen born in Shanghai and currently based in Atlanta, entered China in recent weeks on a business trip, the exact details of when she entered China are not known, as per a Reuters report. But when she attempted to leave, she discovered she couldn't as Chinese authorities reportedly placed an exit ban on her, preventing her from returning to the US, according to the report. This incident led Wells Fargo to immediately suspend all corporate travel to China, as reported by Reuters.
Explore courses from Top Institutes in
Select a Course Category
others
Artificial Intelligence
Management
Digital Marketing
Others
Cybersecurity
Technology
Public Policy
Product Management
Degree
Data Analytics
Data Science
Leadership
Finance
Design Thinking
Project Management
Data Science
healthcare
MCA
PGDM
Healthcare
MBA
Operations Management
CXO
Skills you'll gain:
Duration:
16 Weeks
Indian School of Business
CERT - ISB Cybersecurity for Leaders Program India
Starts on
undefined
Get Details
Wells Fargo told Reuters, "We are closely tracking this situation and working through the appropriate channels so our employee can return to the United States as soon as possible," as quoted by Reuters.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
When the Camera Clicked at the Worst Possible Time
Lintmit.com
Read More
ALSO READ:
OpenAI unveils ChatGPT Agent: Too tired to plan your date, shop online, or create a slide deck? This new AI tool has you covered
Veteran Banker with Deep Ties to Global Trade Finance
Mao has worked at Wells Fargo for over a decade and leads its international factoring business, helping companies manage cross-border working capital, as per the report. Factoring is a financing method where companies sell their receivables to third parties, known as factors, like a bank, in exchange for immediate cash, and the factor profits by purchasing the receivables at a discount and collecting the full amount later, as explained by Reuters in its report. In June 2025, she was elected chairwoman of FCI, formerly named Factors Chain International, a global industry body for receivables finance, as reported by Reuters.
Live Events
It's not clear what prompted Chinese authorities to impose the travel restriction, according to the report. Mao has previously worked and interacted with Chinese companies and industry groups on trade financing and international factoring matters, while she also sometimes travels to China for business, according to the Reuters report.
Will It Affect US-China Relations?
The ban comes amid the tense US-China relations due to increasing rivalries in strategic, economic, and geopolitical issues, as per the report. While China has increasingly used exit bans on both Chinese and foreign nationals, many times in connection with civil disputes, regulatory investigations or criminal probes, as reported by Reuters. Just like Mao, most of the affected individuals are unaware of the restrictions until they plan to leave the country, as per the report.
A senior Trump administration official told Reuters, "The Chinese government has, for many years, imposed exit bans on U.S. citizens and other foreign nationals in China, often without a clear and transparent judicial process for resolution," as quoted in the report.
ALSO READ:
Biggest piece of Mars on Earth sells for $5.3 million — meet the meteorite that shocked Sotheby
What Does This Mean for Other Global Companies?
Meanwhile, her exit ban could worsen concerns among multinational companies about the risks of doing business in China because of employee safety and freedom of movement, according to the report. The incident might also lead to a ban on corporate travel to the country and complicate relations between the world's two biggest economies, according to the Reuters report.
FAQs
Who is Chenyue Mao?
She's a US citizen and managing director at Wells Fargo, where she leads the bank's international factoring business.
Why can't Chenyue Mao leave China?
Chinese authorities reportedly placed an exit ban on her, though the exact reason hasn't been disclosed, as per the Reuters report.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
29 minutes ago
- Business Standard
India overtakes China to become world's top smartphone maker for the US
India has overtaken China to become the leading exporter of smartphone devices sold in the United States, driven by Apple Inc's decision to scale up iPhone assembly in the country. Shipments from India accounted for 44 per cent of the US market in the quarter ending June 2025, according to data from Canalys. Vietnam, home to most of Samsung Electronics Co's production, ranked second. In contrast, China's share of estimated shipments plummeted from over 60 per cent a year ago to just 25 per cent. Apple's India manufacturing push The shift is a result of Apple increasing its manufacturing capacity in India, alongside broader efforts by smartphone makers to 'frontload device inventories amid tariff concerns,' Canalys researchers wrote. The number of smartphones manufactured in India more than tripled compared to the same period last year. Although Apple's iPhone shipments to the US fell by 11 per cent, this decline was attributed to earlier-than-usual bulk shipments. India-made iPhone output rises to $22 bn Apple assembled iPhones worth $22 billion in India in the 12 months ending March, marking a nearly 60 per cent rise from the previous year. Most of these devices were produced at Foxconn Technology Group's facility. Tata Group's electronics arm, which recently acquired Wistron Corp and oversees Pegatron Corp's operations, has also become a major supplier. Trump seeks manufacturing jobs in US Apple and other technology companies have been gradually moving production away from China to reduce risks associated with tariffs and rising geopolitical tensions. India and Vietnam have become prominent alternatives in this strategy. This shift has drawn criticism from US President Donald Trump, who has been urging firms to bring manufacturing jobs back to the United States. Despite its global diversification, Apple continues to manufacture most of its iPhones in China and has no smartphone production in the US. However, the company has committed to hiring more domestically and investing $500 billion in the US over the next four years. China disrupts Apple's India expansion efforts Apple's shift towards India has not gone unnoticed by Chinese authorities. The Chinese government has reportedly taken steps to undermine Apple's competitive advantage abroad. Around a year ago, it delayed approvals for machinery Apple needed to import for iPhone production in India. In a more recent move, Chinese Customs indefinitely withheld machines required for retrofitting assembly lines to manufacture the forthcoming iPhone 17. Additionally, Beijing pressured Foxconn to withdraw over 300 Chinese engineers and technicians from its facilities in India. These experts were initially deployed to assist with technology transfer and worker training.
&w=3840&q=100)
First Post
29 minutes ago
- First Post
In a first, Apple closes store in China amid country's declining consumer spending
Apple is all set to close its Parkland Mall store in Dalian City on August 9 as consumer spending weakens in China. The company's sales for the second quarter dropped 2.3 per cent to $16 billion read more In a surprising development, Apple is preparing to close its retail store in China for the first time, a significant move in one of its most critical markets. On Monday (July 28), the tech giant announced that its Parkland Mall store in Dalian City's Zhongshan District will permanently shut its doors on August 9, citing changes in the shopping complex's environment. This closure marks a pivotal moment for Apple as it faces an increasingly complex economic landscape in China. STORY CONTINUES BELOW THIS AD Apple currently operates around 56 stores in China, representing over 10 per cent of its global retail network of more than 530 outlets. The decision to close the Parkland Mall location comes as the company observes a broader trend of retailers exiting the complex. In its statement, Apple highlighted its ongoing commitment to delivering 'an exceptional customer experience' through its extensive network of physical stores across Greater China and its robust online platform. Apple feels the heat as retail sales weaken China's economy is currently grappling with deflationary pressures, declining consumer spending, and global tariffs that are impacting exports. Retail sales growth in the country has been weaker than expected, and home prices are falling at an accelerated pace. Against this backdrop, Apple's sales in China for the second quarter dropped 2.3 per cent to $16 billion, missing earlier projections of $16.8 billion. The Parkland Mall store is one of two Apple locations in Dalian City, with the other at the Olympia 66 shopping complex remaining open. The two stores are just a 10-minute drive apart, and Apple has assured employees affected by the closure that they will be offered opportunities to transfer to other locations. Apple not retreating While the closure reflects challenges in the Chinese market, Apple is not retreating entirely. The company is set to open a new store at Uniwalk Qianhai in Shenzhen on August 16 and has plans to expand with additional locations in Beijing and Shanghai over the next year. Earlier this year, Apple also opened a new store in Anhui province. Apple eyes other major markets for growth Beyond China, Apple is eyeing growth in other international markets, including the United Arab Emirates, Saudi Arabia, and India. The company's focus on India has been particularly notable. According to research firm Canalys, India surpassed China as the top supplier of smartphones to the US in the June quarter, largely driven by Apple's accelerated shift of iPhone assembly operations to India. STORY CONTINUES BELOW THIS AD This move comes amid trade and tariff uncertainties, as well as ongoing negotiations between Washington and Beijing. Canalys reported that the share of made-in-China smartphones imported to the US dropped significantly to 25 per cent in the June quarter, down from 61% a year earlier, with India capturing much of the redirected production. Apple's 'China Plus One' strategy has gained momentum, with the company now manufacturing and exporting even its more complex Pro models from India. However, Apple continues to rely on Chinese manufacturers for a significant portion of its Pro model supply to the US.
Time of India
29 minutes ago
- Time of India
India's April-June finished steel imports fall nearly 30% as China, Japan shipments slow
India's finished steel imports fell 28.8% in April–June due to a sharp drop in shipments from China (down 45.8%) and Japan (down 65.2%). A 12% safeguard duty curbed cheap imports. South Korea remained the top exporter. Steel exports dipped 5.1%, though shipments to Belgium rose. Domestic crude steel output rose 11.2%, while consumption increased 7.9%. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's finished steel imports dropped nearly 30% in the first three months of the financial year that started in April, due to a persistent fall in shipments from China and Japan, according to provisional government data reviewed by Reuters on world's second-biggest crude steel producer imported 1.4 million metric tons of finished steel during April-June, down 28.8% from a year earlier, the data from China fell 45.8%, while those from Japan declined 65.2%. China shipped 0.3 million tons of finished steel into India during the period, while Japan exported 0.2 million tons, the data April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from Korea was the biggest exporter to India, with shipments reaching 0.5 million tons, down 6.5%.India remained a net importer during the period, with exports easing 5.1%.Belgium was the top destination for finished steel exports from India , with shipments rising 40.8%.Shipments to the United States, Spain and Nepal climbed, while exports to Italy galvanised plain or corrugated sheets or coils were India's biggest crude steel production was at 40.6 million tons, up 11.2%. Finished steel consumption was at 38.3 million tons, up 7.9%.Indian domestic rebar prices edged lower as underlying market sentiment remained weak amid sluggish demand and the onset of monsoon, the government said in its report.
