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Macao’s Secretary for Economy and Finance, Leong Vai Tac
Premier Li Keqiang has unveiled a number of measures to support the development of Macao during his recent visit, including assistance for the city to become a renminbi (RMB) clearing centre for Portuguese－speaking Countries. The reinforcement of this policy is expected to boost the use of the Mainland Chinese currency in Macao, promoting moderate economic diversification.
Premier Li said the Central Government formulated a series of measures to support Macao’s economy, including support to become a RMB clearing centre and the launch of a mechanism for trade credit insurance. These measures could further develop the city’s financial industry and boost the trade of goods and services.
Macao’s Secretary for Economy and Finance, Leong Vai Tac, said the measures announced by Premier Li could facilitate the moderate economic diversification and sustainable development of Macao. Secretary Leong said Macao’s financial institutions could have an active role in the establishment of the RMB clearing centre. A trade credit insurance system could lower the risks faced by Macao companies, particularly when shipping goods or re-exporting goods from the Mainland China to Portuguese-speaking Countries, he said. The twin measures could be complementary.
“Through regional co-operation and a RMB clearing centre … we expect other economic sectors in the city to flourish,” added Secretary Leong. The Bank of China Macau Branch (BOC Macau) is currently the sole authorised institution in the city for the clearing business of RMB. After acquiring approval from the People’s Bank of China to become an authorised clearing bank in 2004, BOC Macau got the green light in August 2015 to expand its RMB business to the markets of Portuguese-speaking Countries – expanding from the existing markets of Hong Kong, Macao and ASEAN countries.
Macao’s Renminbi Real Time Gross Settlements (RMB RTGS) System was launched in March 2016, with 28 participating financial institutions. It provides real-time settlement services for RMB remittances and interbank transfers, and also supports trade settlements between Mainland China and Portuguese-speaking Countries.
In 2015, BOC Macau says its RMB clearing business increased to RMB1.57 trillion, a 22.8 percent improvement over 2014, ranking ninth in the world. About RMB7.6 billion of the RMB clearing business was made for banks in Portuguese-speaking Countries via Macao.
![](mailto:?subject=IPIM%20%2D%20MACAO POISED TO BECOME RMB CLEARING CENTRE FOR PORTUGUESE-SPEAKING COUNTRIES&body=[caption id="attachment_207190" align="alignleft" width="294"]<img class="wp-image-207190" src="http://www.ipim.gov.mo/wp-content/uploads/2017/03/MI65-P14.jpg" alt="Macao’s Secretary for Economy and Finance, Leong Vai Tac" width="294" height="188" /> Macao’s Secretary for Economy and Finance, Leong Vai Tac[/caption]
Premier Li Keqiang has unveiled a number of measures to support the development of Macao during his recent visit, including assistance for the city to become a renminbi (RMB) clearing centre for Portuguese－speaking Countries. The reinforcement of this policy is expected to boost the use of the Mainland Chinese currency in Macao, promoting moderate economic diversification.
Premier Li said the Central Government formulated a series of measures to support Macao’s economy, including support to become a RMB clearing centre and the launch of a mechanism for trade credit insurance. These measures could further develop the city’s financial industry and boost the trade of goods and services.
Macao’s Secretary for Economy and Finance, Leong Vai Tac, said the measures announced by Premier Li could facilitate the moderate economic diversification and sustainable development of Macao. Secretary Leong said Macao’s financial institutions could have an active role in the establishment of the RMB clearing centre. A trade credit insurance system could lower the risks faced by Macao companies, particularly when shipping goods or re-exporting goods from the Mainland China to Portuguese-speaking Countries, he said. The twin measures could be complementary.
“Through regional co-operation and a RMB clearing centre … we expect other economic sectors in the city to flourish,” added Secretary Leong. The Bank of China Macau Branch (BOC Macau) is currently the sole authorised institution in the city for the clearing business of RMB. After acquiring approval from the People’s Bank of China to become an authorised clearing bank in 2004, BOC Macau got the green light in August 2015 to expand its RMB business to the markets of Portuguese-speaking Countries – expanding from the existing markets of Hong Kong, Macao and ASEAN countries.
Macao’s Renminbi Real Time Gross Settlements (RMB RTGS) System was launched in March 2016, with 28 participating financial institutions. It provides real-time settlement services for RMB remittances and interbank transfers, and also supports trade settlements between Mainland China and Portuguese-speaking Countries.
In 2015, BOC Macau says its RMB clearing business increased to RMB1.57 trillion, a 22.8 percent improvement over 2014, ranking ninth in the world. About RMB7.6 billion of the RMB clearing business was made for banks in Portuguese-speaking Countries via Macao.%0D%0DReference Link : %0Dhttps://www.ipim.gov.mo/en/publication/china-pscs-co-operation/macao-poised-to-become-rmb-clearing-centre-for-portuguese-speaking-countries/){kind=link}