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A Chinese clerk counts renminbi yuan banknotes in Nantong, East China"s Jiangsu province, July 23, 2018. [Photo/IC]

China"s central bank announced on Wednesday it will allow residents in Macao to remit at most 80,000 yuan ($11,436) per day into their bank accounts opened in the mainland.

The daily remittance limit was lifted from 50,000 yuan. This move will help to meet the renminbi settlement needs of Macao residents, and facilitate the economic and trade connection between Macao and the mainland, a statement on the website of the People"s Bank of China, the central bank, said.

The PBOC will continue to support the development of Macao"s economy, trade, investment and renminbi-denominated business, the statement said.

The new policy has been approved by the State Council. It will be officially launched later after some technology preparation, the PBOC said.

To expand the renminbi settlement arrangement for banks in Macao, banks in the mainland should have certain qualifications of individual RMB business and follow the new rules to support the cross-border remittance business, according to the statement.

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