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Hong Kong, China—Loan sharks earn tens of millions of dollars a year by providing underground money exchange services and cash smuggling networks for Chinese gamblers in Macau, China’s Public Security Ministry said Friday.
Under those restrictions, a Chinese citizen is allowed to change no more than $50,000 worth of yuan into foreign currency in a given year, and to carry no more than $5,000 in cash in or out of the country on any one trip. These parties changed Chinese yuan into Hong Kong dollars in underground banks in Zhuhai—a mainland city adjacent to Macau—and hired a stream of individuals to smuggle the cash across the border to gamblers “like ants moving home,” Chen said.
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