Withdrawals and Union

cap: Union Pay issued a statement Friday, saying it had not changed its policy on overseas cash withdrawals using cards issued on the mainland, adding the daily limit was still 10,000 yuan 1,450 per day with an annual cap of 100,000 yuan, according to Deutsche Welle. It added, however, that it complied with regulations and laws issued by relevant authorities. A South China Morning Post report on Thursday said the limit would actually apply to total daily withdrawals, meaning that Macao visitors from mainland China would have seen their daily cap for Union Pay withdrawals reduced by half. About half of all Chinese visitors to Macau use Union Pay for cash even though ATM withdrawals are not a major source of finance for most Chinese gamblers, especially its high rollers. Capital flight Despite their incremental nature, the changes appear to be an attempt by Chinese authorities to stem a growing tide of capital flowing out of China as locals seek to escape a falling yuan. Many normal players use Union Pay to buy goods, which they then return to get a cash refund that they use for gamble. (news.financializer.com). As reported in the news.