Why treasurers can't ignore China's cap on overseas withdrawals
Tourists are opting for cards over cash in hand as Safe clamps down on big-money withdrawals from ATMs. For casinos and for smaller businesses, the impact could be big.
Hong Kong and Macau are well used to the phenomenon of Chinese tourists with bundles of cash ready to spend on everything from casino chips to baby milk powder. Chinese authorities – conscious of blatant flouting of capital controls and the potential for money laundering, have taken note.
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