Here's why investors are looking at Macao this week [CNN]
WYNN MACAU LTD UNSP/ADR (WYNMY)
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Source: CNN
Here's why investors are looking at Macao this week The People's Bank of China announced late Wednesday that it would raise the daily yuan transfer limit from Macao to mainland China by 60%, which it said could "facilitate trade" between the semi-autonomous territory and the rest of China. The decision could also make it easier for gamblers in Asia's casino capital — the only place in China where casinos are legal — to move money between accounts. Macao's gaming industry contributed to 50% of the territory's GDP in 2018, according to government statistics. Wynn Macau advanced 1.4%. Melco International development rose 0.5%. Galaxy Entertainment gained 0.1%. Chinese President Xi Jinping is also in Macao this week to celebrate the 20th anniversary of the city's handover from Portugal to China, and investors may be watching to see whether he unveils any new economic policies affecting the territory. Like Hong Kong, Macao is a special administrative region of China that adheres to "one co
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