Macau regulator to press China to relax forex conversion limits

The Monetary Authority of Macau says it will continue to press the People’s Bank of China to relax the renminbi daily conversion limit of RMB20,000 (MOP 26,263/ US $3,288) for Macau residents. It also wants to expand the range of renminbi business that banks in Macau can handle. The monetary authority announced its intention after newspaper reports last week that the cap was being ignored with Beijing’s approval.