Macau confirms ATM cap to ‘further strengthen’ regulation of money flow

Business & Technology

The new restriction, which halves the daily limit on ATM withdrawals by people using mainland-issued China Union Pay bank cards, "follows the introduction by Beijing in recent months of a raft of measures to tackle massive outflows of capital," the South China Morning Post notes. "It is the first move to exert control over Union Pay transactions since a 2014 crackdown involving Union Pay point-of-service machines in the casino-dominated city, which is fighting hard to shake off its reputation as a center for hot money out of the mainland."