People's Bank of China facilitates Macau residents' renminbis operations

Headquarters of the People's Bank of China in Beijing

Headquarters of the People's Bank of China in Beijing

  |  DR

The People's Bank of China has made it easier for Macau residents to carry out individual renminbis (RMB) operations, including cross-border fund transfers, according to a press release issued by the Macau Monetary Authority (AMCM).

China's central bank has approved the use and acceptance in mainland China of Macau's mobile payment methods, and has also allowed some local banks - on an experimental basis - to witness the opening of bank accounts in mainland China by Macau residents.

The measures announced by China's central bank consist of increasing the daily limit that can be transferred by each "individual" Macau resident to their RMB account in mainland China (from the current 50,000 RMB to 80,000 RMB) and approving the use and acceptance in Zhuhai of Macau's mobile payment methods in restaurants and retail shops.

Read more on MacauHub.

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