Briefs | 355 taxi infractions seen in August

In August, a total of 355 taxi offences were recorded by the Public Security Police Force (PSP), according to a statement released by the PSP earlier this week. Among them, 220 offences (62 percent) were related to overcharging and refusing to carry passengers. There were 68 cases (19 percent) of taxi drivers refusing to accept passengers and 67 cases involving other violations. During the same period, the police recorded 24 cases involving unauthorized taxis, none of which were related to mobile taxi hailing services.

22,000 fake products seized in August

The Macau Customs Service (Customs) seized a total of 22,000 counterfeit products in August, according to a statement released by Customs. The products included food, alcohol, watches, sports equipment, phones, leather products and jewelry. The original products were worth MOP6 million in total. On Tuesday, Customs seized 259 counterfeit products from a clothes shop located in the Central district. The goods, which consisted of hats, clothes and flip-flops, were labeled Adidas, Nike, Gucci and Balenciaga. The real products would cost MOP100,000. These products were purchased in mainland China for between RMB25 to RMB60 each, and were being sold in Macau for between MOP60 and MOP130.

Foreign exchange reserves hold strong

The Monetary Authority of Macao yesterday announced that the preliminary estimate of the city’s foreign exchange reserves amounted to MOP159.5 billion (USD19.73 billion) at the end of August 2018. The reserves increased by 1.7 percent from the revised value of MOP156.9 billion for the previous month. According to the Authority, Macau’s foreign exchange reserves at end-August 2018 represented 10 times the currency in circulation. The trade-weighted effective exchange rate index for the pataca rose 0.87 points month-to-month and 1.34 points year-on-year to 105.7 in August 2018, implying that overall speaking, the exchange rate of pataca grew against the currencies of Macau’s major trading partners.