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It’s unclear why the central bank, the Peoples Bank of China (PBOC), hasn’t cracked down harder on the practice, although the documents Reuters reviewed show the bank was aware it had become a growing problem.
Industry experts point to a weak enforcement culture in China, a reluctance to hurt Macau financially with 80 percent of the city’s revenues drawn from gambling, and a willingness to tolerate some capital flight - especially if it can be tracked through names on bank cards.
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“The problem you are talking about has existed for several years,” said the executive, who spoke on condition of anonymity.