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China's Bid To Bring Cash Back Home Will Impact These 3 Places
Michael La Prairie
on Tuesday, February 13th, 2018 at 10:27am.
By January, more than 1,000 bank ATMs in Macau had installed face-recognition cameras to identify customers who might transfer large sums of money outside China. Money changes hands quickly in Macau thanks to the massive casino industry, but the decision was taken in part to Beijing’s drive to stop its citizens from parking money outside the country where they feel it’s safe from legal detection or capital market volatility. China worries that too much loss of that money, a trend called capital flight, will devalue the Chinese yuan and undermine economic stability that hinges partly on a strong foreign exchange reserve.
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