The cast most likely related to trying to bolster capital control as Macau casinos, buying HK health insurance, buying oversea antiques were popular ways mainlanders use to skirt capital control and move money off China.
reuters.com/world/china/ch…
reuters.com/world/china/ch…
Let's not extend Macau mogul arrest news to "China cracks down on gambling" narrative.
Of the paltry data releases from China Ministry of Finance, Lottery Sales is a monthly report it religious publish and YTD, lottery sales up 20.7%. MOF encourages health growth in lottery.
Of the paltry data releases from China Ministry of Finance, Lottery Sales is a monthly report it religious publish and YTD, lottery sales up 20.7%. MOF encourages health growth in lottery.
Card/Mahjong playing, now adding Poker, is a social event for Chinese holidays, with full participation from kids as soon as they could count, at least in the village I grew up.
We used to own a little general shop with one/two tables.
We used to own a little general shop with one/two tables.
Police do random targets for "gambling crack down".
Police has revenue target. In same town, people all know each other, so we would sometimes get advance tips and a few big stake tables will get caught and fined, and everyone happy and get back playing low stake games.
Police has revenue target. In same town, people all know each other, so we would sometimes get advance tips and a few big stake tables will get caught and fined, and everyone happy and get back playing low stake games.
Tencent's payment infrastructure company fined $430k by SAFE for currency exchange beyond current license etc.
These news' background is enforcements for capital control. And if there is one thing emerging market countries learned last 20 yrs, it's capital control works for EM.
These news' background is enforcements for capital control. And if there is one thing emerging market countries learned last 20 yrs, it's capital control works for EM.
Significant foreign FX reserve (particularly $) also works for EM.
In this context, US dollar reserve status comes with great benefit, but to enjoy that, it is by tautology going to have to run trade deficits so other countries could "steal American jobs" and earn dollars.
In this context, US dollar reserve status comes with great benefit, but to enjoy that, it is by tautology going to have to run trade deficits so other countries could "steal American jobs" and earn dollars.
Fake news: China forbids commercial use of mobile payment apps WeChat/Alipay for money collection, on March 1
Fact: PERSONAL Wechat Pay/Alipay static code couldn't be used for BUSINESS.
US small businesses using personal bank account to evade taxes illegal. So will be China.
Fact: PERSONAL Wechat Pay/Alipay static code couldn't be used for BUSINESS.
US small businesses using personal bank account to evade taxes illegal. So will be China.
Macau Junket Alvin Chau July denied "using gambling to move Yuan underground". Current police report accuses illegal gambling & using to move money.
You don't need to believe China police report to know this case has more to do with capital control than crack down on gambling.
You don't need to believe China police report to know this case has more to do with capital control than crack down on gambling.
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