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Interesting move by China ....

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Barnsley
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Interesting move by China ....

Post by Barnsley » Mon, 16 Jan 2017 10:03 am

http://statestimesreview.com/2017/01/14 ... sing-yuan/
Singapore casinos will be the first direct victim of China’s wrath after the Chinese authorities issued a ban on the purchase of the casino chips using yuan. According to the Chinese authorities, “resort entertainment vouchers” which could be used as gambling chips, are purchased in yuan denominations using China’s UnionPay network have been deemed illegal.

Xie Zhong, a director at the China’s central bank, People’s Bank of China, told South China Morning Post: “China UnionPay’s bank cards should certainly not be used in casinos.”

Singapore Casino Regulatory Authority rejected request for comments three times and refuse to address the new ban by China. In February 2015, Singapore casinos heavily advertised the usage of UnionPay. Marina Bay Sands defended the promotion saying that it complies with terms and conditions of China UnionPay cards.

Officially, China said that the move is to crackdown on capital flight and illegal movement of the Chinese currency.
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ecureilx
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Re: RE: Interesting move by China ....

Post by ecureilx » Mon, 16 Jan 2017 10:13 am

Barnsley wrote:http://statestimesreview.com/2017/01/14 ... sing-yuan/
Singapore casinos will be the first direct victim of China’s wrath after the Chinese authorities issued a ban on the purchase of the casino chips using yuan. According to the Chinese authorities, “resort entertainment vouchers” which could be used as gambling chips, are purchased in yuan denominations using China’s UnionPay network have been deemed illegal.

Xie Zhong, a director at the China’s central bank, People’s Bank of China, told South China Morning Post: “China UnionPay’s bank cards should certainly not be used in casinos.”

Singapore Casino Regulatory Authority rejected request for comments three times and refuse to address the new ban by China. In February 2015, Singapore casinos heavily advertised the usage of UnionPay. Marina Bay Sands defended the promotion saying that it complies with terms and conditions of China UnionPay cards.

Officially, China said that the move is to crackdown on capital flight and illegal movement of the Chinese currency.
Chinese gamblers are in large numbers in Manila as well. With more Junket operators there, with more than a dozen private jets servicing them :)

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Re: Interesting move by China ....

Post by Wd40 » Mon, 16 Jan 2017 10:27 am

Interesting, Barnsley!

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PNGMK
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Re: Interesting move by China ....

Post by PNGMK » Mon, 16 Jan 2017 10:54 am

Casino's are the largest form of 'legal' money laundering and movement around. Good on China. I knew some Casino security guys in Darwin - they knew exactly who was coming in the Casino to launder... if you show up - buy some chips - cash out less a few $ and do it regularly they can spot you.

Casino's can go to hell.
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Re: Interesting move by China ....

Post by archcherub » Sat, 21 Jan 2017 3:30 pm

taiwan, japan and the philippines are all building casinos soon.
think our two casinos are going to suffer a drop in revenue.
a shame as i heard they employ large number of people, both locals and expats

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