New limit restrictions set on UnionPay cards



Beginning on the first day of January, new restrictions set forth by the State Administration of Foreign Exchange in China were imposed on the cards, including ATM withdrawals and personal limits. Macau‘s GGR is expected to be impacted due to the new restrictions.
Foreign currency cards and RMB cards are now changed. Both will now have restrictions of RMB 10,000 per day and RMB 100,000 per year. In the past, there was no limit placed on foreign currency cards.
Another restriction includes the personal limit restrictions per individual. No matter how many accounts an individual has with UnionPay or cards they have, no more than RMB100,000 per year can be withdrawn. In the past, there was no limit, except for RMB100,000 set per year per account.
With overseas cash withdrawals, individuals who have exceed withdrawal limits will have their ATM withdrawals suspended for the remainder of the year and the coming year. Union Gaming stated that they do not expect the changes to have an impact on GGR. The mass sector is reportedly not to be affected as their contribution is usually on the lower end. Check in VIP also usually play with credit.
According to Bernstein Research, the new rules may create further capital controls this year, which could affect Macau. The group stated that the new policies could create some headwind with the GGR for this year, however, the larger concern would be capital movement clamp downs out of China itself.

Location: Malaysia

Comments

Post a Comment

Popular posts from this blog

Rodrigo keeps Valencia resurgence rolling

Image
MADRID: Valencia maintained their stunning revival under Marcelino Garcia Toral to move to within a point of La Liga leaders Barcelona with a hard-fought 2-1 win at Alaves on Saturday thanks to Rodrigo’s penalty 24 minutes from time. Simeone Zaza also moved just two goals behind Lionel Messi as La Liga’s top scorer with nine when he blasted the visitors into the lead 10 minutes before half-time from Manchester United loanee Andreas Pereira’s cut-back. Alaves remain in the relegation zone with just three points from 10 matches, but they did manage just their fourth goal of the season in a spirited second-half showing. Alexis rose highest to head home Munir El Haddadi’s corner just four minutes after the break and only a brilliant save from Neto prevented El Haddadi from putting the visitors in front moments later. However, Alaves undid all their good work early in the second period with a moment of madness from defender Rodrigo Ely as he handled a cross inside hi...
Read more

Learn To Invest Like A Casino Rather Than A Gambler

Image
The way that markets work can be explained using the analogy of sports betting. In Las Vegas, when you bet on a team, you cannot bet $100 to get $100 -- a straight up bet on who will win the game. Instead, the casino will either pay out at a different ratio or offer a bet on the point spread. The point spread basically means that the favored team must win by more than that spread for the bet to pay out. If you are betting on an NFL football game and the point spread is 3.5 points, you would lose that bet if the favored team wins but only by a three-point field goal. Think of it like playing a game of basketball with a younger sibling and spotting them a three-point handicap to make the game more even. If set fairly, that handicap would give you both an equal opportunity to win. Relating this back to the markets, stock prices function similarly to a point spread. At its essence, a stock’s price is the price at which a buyer and a seller agree to transact because the buyer believ...
Read more

Spurs stroll as Kane bags brace

Image
HUDDERSFIELD, United Kingdom: A Harry Kane masterclass ensured Tottenham cruised to a 4-0 victory against Huddersfield on Saturday. Tottenham beat Cypriot champions APOEL Nicosia 3-0 courtesy of a brilliant Kane hat-trick on Tuesday and he was just as impressive in West Yorkshire, killing off Huddersfield inside the opening 20 minutes with two superbly taken goals. Ben Davies put Tottenham ahead early on and substitute Moussa Sissoko added a late fourth as the London side blew away David Wagner’s men. The early kick-off gave Tottenham a chance to keep in touch with the Premier League leaders and they gleefully took that opportunity against a Huddersfield team with plenty of heart but little real quality. Huddersfield have proven to be surprisingly durable in defence this term, keeping four clean sheets in their opening six league matches, but that was long forgotten during a 90 minutes they will want to forget. They were more than a match for Spurs early on as Tomm...
Read more