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Analyst: China's New Money Policy to Help Gaming

18 November 2004

BEIJING – As reported by the Associated Press: "China's central bank loosened its currency policy ever so slightly on Tuesday, saying that Chinese emigrants would be allowed to take personal assets out of the country -- albeit in stages.

"It also said foreigners who inherit Chinese assets would be allowed to take their inheritance offshore.

"…China's currency -- called the yuan or the renminbi -- can only be freely converted into foreign currency for overseas trade purposes. China strictly controls when it can be converted for financial purposes.

"…Deutsche Bank Securities analyst Marc Falcone called the move an 'enormous positive for both Asian gaming in general and the Macau gaming market in particular, compounding the positive impact of more favorable visa rules and other currency reforms enacted recently in China.'

"In a research note today, Falcone said casino revenue in Macau -- where Las Vegas giants Wynn Resorts Ltd., MGM Mirage and Venetian resort owner Las Vegas Sands Inc. are developing resorts -- could top $5.2 billion this year compared with $3.5 billion in 2003…"

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