Macau pawnshops still flouting rules despite raids

Still in business: A woman looking at luxury watches in the window of a pawnshop in Macau. — Reuters

HONG KONG: Just days after authorities raided five pawnshops in the Chinese territory Macau, many of the neon-lit stores in the world’s biggest gambling hub are still letting punters make fake purchases to skirt rules on how much cash they can take out of China.

China’s money export caps are among the tools it uses to control its currency and economy, and authorities believe the ruse facilitated by pawnshops in the former Portuguese territory is also used by corrupt officials and business people to send ill-gotten cash out of the mainland.