As the Chinese government stepped up its anti-corruption efforts recently, the Beijing government joined forces with Hong Kong and Macao to take a series of measures to prevent money laundering. Yesterday, the authorities announced that they will take measures to prevent mainland tourists and gamblers from using large amounts of debit cards and credit cards overseas to prevent them from circumventing the Chinese law's restrictions on the amount of renminbi they can carry abroad.
Wan Watch World analysis, Hong Kong and Macao are the two most attractive tourist and shopping for mainland tourists. Tourists often use these cards in Hong Kong and Macau to buy expensive luxuries such as watches and clocks, jewelry, and cash back through instant returns. Three restrictions on credit card spending. There have been many mainland tourists use this to cash in for gambling activities. This cash withdrawal method allowed them to evade China's stipulation that no more than 20,000 yuan ($ 3,210) in cash per person per day can be brought out of the Mainland.
According to the latest official announcement by the Macau government, no new UnionPay credit card machines can be added to the pawn shops and jewelry stores run by the casinos in Macau to prevent the above situation from happening with the central government. CUP said in May it is taking measures to tackle illegal financial transactions and money laundering in Hong Kong and Macao.
This also shows that mainland people rush to Hong Kong and Macao in the future to buy high-end watches will likely be restricted. According to China's current "one day per person can bring out the Mainland RMB cash shall not exceed 20,000 yuan", if you plan to buy a watch worth buying Hong Kong, Macao, I am afraid that 20,000 yuan is absolutely beyond this Provisions.
Therefore, the operation has just been implemented and it will have to wait and see! How much influence the mainland compatriots go to Hong Kong and Macao to buy clocks and watches!