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China limiting overseas withdrawals

China limiting overseas withdrawals

It seems that the Chinese government is trying to restrict the cash withdrawals from foreign ATMs, a move which might affect Macau's mass gross gaming revenue in time.

The Chinese State Administration for Foreign Exchange (SAFE) has just announced some new annual limits on UnionPay cash withdrawals made from outside of China.

According to a statement from SAFE's website, these new rules will be limiting overseas cash withdrawals from China's Union Pay service to a maximum of 50,000 yuan ($10,800) for the period between October 1 and December 31 of this year.

The old rules would limit this daily sum to 10,000 yuan per card but from the start of 2016 this limit will be set at 100,000 yuan ($21,800) per year.

A financial analyst from Bernstein called Vitaly Umansky said that this new policy will probably affect mass gross gaming revenues, in particular premium mass - essentially the high rollers who are not inside of a VIP room and who will usually gamble heavily during their stay inside of a casino.

"Most Premium Mass customers utilize UnionPay cards to access cash for play in Macau casinos. While many customers have multiple UnionPay cards, larger Premium Mass customers may find their access to cash more limited as a result of the new limits." Umansky had to say about this situation.

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