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As the Chinese government intensifies its anti-corruption campaign, Beijing has collaborated with Hong Kong and Macao to implement stricter measures aimed at preventing money laundering. Recently, authorities announced new regulations targeting mainland tourists and gamblers who attempt to bypass China's currency control laws by using large amounts of debit and credit cards abroad. These measures are designed to prevent individuals from circumventing the limit of 20,000 RMB (approximately $3,210) in cash that can be carried out of the mainland per day.
According to a recent analysis by Wan Watch World, Hong Kong and Macao remain highly popular destinations for mainland tourists seeking luxury shopping. Many visitors use credit and debit cards to purchase high-end items such as watches, jewelry, and other expensive goods, often taking advantage of instant cashback schemes. This practice has been widely used by some mainland tourists to fund gambling activities, effectively bypassing the country’s strict currency controls.
The new regulations aim to cut off this loophole by restricting the use of UnionPay credit card machines in pawn shops and jewelry stores operated by casinos in Macau. The Chinese UnionPay (CUP) also announced in May that it is taking action against illegal financial transactions and money laundering in both Hong Kong and Macao.
This move signals that future mainland visitors may face tighter restrictions when purchasing luxury goods like high-end watches in Hong Kong and Macao. With the current rule limiting daily cash exports to 20,000 RMB, it will be nearly impossible for many to afford even a single high-value watch without violating the regulation.
As these measures are just being implemented, it remains to be seen how they will impact the flow of mainland tourists to Hong Kong and Macao. For now, the focus is on curbing financial misconduct while maintaining the region's appeal as a global shopping destination. Time will tell how effective these policies truly are in achieving their goals.