China limits overseas UnionPay cash withdrawals

The Chinese government has tightened restrictions on cash withdrawals from foreign ATMs, a move which could affect Macau’s mass gross gaming revenue.

China’s State Administration for Foreign Exchange (SAFE) has announced new annual limits on UnionPay cash withdrawals outside of China.

According to statement posted on SAFE’s website on Tuesday, new rules limit overseas cash withdrawals from China’s Union Pay service to a total of 50,000 yuan ($10,800) for the period between October 1 and December 31 this year.

Under the old rules, there was a daily limit of 10,000 yuan per card but starting January 2016, there will be an annual limit of 100,000 yuan ($21,800),