Central bank raises daily Macau remittances cap to same-name mainland accounts

BEIJING – The People’s Bank of China (PBOC) has further facilitated individual cross-border yuan remittances in Macau.

The bank will raise the daily cross-border remittances limit on yuan transfers by individuals from Macau to mainland accounts under the same name to 80,000 yuan from 50,000 yuan, according to a PBOC statement on Wednesday.

The move, approved by the State Council, is conducive to meeting the renminbi clearing demand of Macau residents and facilitating trade and economic as well as people-to-people exchanges between Macau and the Chinese mainland, said the statement. Renminbi (“people’s currency”) is the official name of the yuan.