BUSINESS China's central bank raises daily Macao remittances cap to same-name Chinese mainland accounts

BUSINESS

China's central bank raises daily Macao remittances cap to same-name Chinese mainland accounts

Xinhua

18:30, December 19, 2019

BEIJING, Dec. 19 (Xinhua) - China's central bank on Wednesday issued a statement to further facilitate individual cross-border renminbi remittances in Macao.

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The bank will raise the daily cross-border remittances limit on renminbi transfers by individuals from Macao to Chinese mainland accounts under the same name to 80,000 yuan (about 11,424 US dollars) from 50,000 yuan, according to the statement from the People's Bank of China.

The move, approved by the State Council, is conducive to meeting the renminbi clearing demand of Macao residents and facilitating trade and economic as well as people-to-people exchanges between Macao and the Chinese mainland, the statement said.

The central bank will continue to support the development of Macao's economy, trade, investment and renminbi businesses, it added.

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