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Monetary Authority of Macao places restrictions on Chinese bankcard withdrawals

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Monetary Authority of Macao places restrictions on Chinese bankcard withdrawals

The Monetary Authority of Macao has placed a per-transaction restriction on the limit for cash withdrawals by Chinese bankcards through the city's ATMs, in line with China's efforts to regulate capital outflow.

The regulator said Dec. 9 that effective the same day, the limit per transaction of ATM cash withdrawals using Chinese bank cards was set to HK$5,000 or 5,000 patacas. The daily limit remained unchanged.

The move follows measures announced by China's State Administration of Foreign Exchange in September 2015 to limit overseas cash withdrawals per Chinese bank card to 100,000 yuan per year from January, while maintaining the daily withdrawal limit of 10,000 yuan.

As of Dec. 9, US$1 was equivalent to 6.90 Chinese yuan and 7.99 Macanese patacas.