The People’s Bank of China (PBC), upon approval by the State Council, issued an announcement on further facilitating individual RMB cross-border remittance in Macao, raising the ceiling of Macao residents’ remittance to their mainland RMB accounts under the same names from RMB50,000 to RMB80,000 per person per day.
Raising the ceiling of Macao residents’ remittance is conducive to satisfying their needs for RMB settlement and facilitating economic, trade and personnel exchanges between Macao and mainland China. The PBC will persistently support the development of economy, trade, investment and RMB businesses in Macao.
Attachment:
Announcement of the People’s Bank of China
No. 29 [2019]
In order to further satisfy the needs of RMB business development in Macao, upon approval by the State Council, the People’s Bank of China (PBC) decides to expand the scope of clearing arrangements on RMB businesses for banks in Macao, and hereby announces as follows:
The ceiling of Macao residents’ RMB remittance to their RMB accounts under the same names in mainland banks licensed for individual RMB businesses via RMB clearing banks in Macao is raised from RMB50,000 to RMB80,000 per person per day. Banks in mainland China should handle the payment of remittance in accordance with relevant regulations. Unwithdrawn RMB remittance can be remitted back to banks in Macao upon approval.
The arrangements above will be implemented soon after technical preparations are completed. The PBC will persistently support the development of economy, trade, investment and RMB businesses in Macao.
The People’s Bank of China
December 18, 2019
