China's central bank lifts yuan transfer limits for Macau

FILE PHOTO: Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing, China September 28, 2018. REUTERS/Jason Lee/File Photo

HONG KONG (Reuters) - The People's Bank of China said on Wednesday it would raise the daily limit on individuals' remittance from Macau to yuan accounts CNH=D3CNY=CFXS in Mainland China to 80,000 yuan from 50,000 yuan.

The measure will be implemented in the near future and will make trade between the two markets more convenient, the Chinese central bank said in a statement.

The announcement came as Chinese President Xi Jinping embarked on a three-day visit to the territory to celebrate its 20th anniversary of return from Portuguese rule.

Reporting by Noah Sin; Additional reporting by Beijing Monitoring Desk; editing by John Stonestreet