HONG KONG (Reuters) – Police in Macau and mainland China detained 39 suspects in an underground lending case involving more than 30 billion yuan ($4.42 billion), as China steps up measures to reduce economic risks and clamp down on illicit capital outflows.
Macau police and state news agency Xinhua reported on Tuesday that a criminal gang had illegally brought credit card point-of-sale terminals from the mainland into Macau’s casinos for gamblers to get cash out.
Macau - World - Hub
Macau is the world’s biggest gambling hub.
The bust comes after Chinese President Xi Jinping announced on Monday that the country must be on guard against “black swan” risks while fending off “grey rhino” events, adding that the economy faces deep and complicated changes.
Xi - Warning - Crackdown - Data - Economy
Xi’s warning and the ensuing crackdown came after data showed the economy posted the slowest growth in 28 years last year, hurt by faltering domestic demand and bruising U.S. tariffs.Illegal point of sale terminals in Macau,...
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