Bank of China sets up team in Macau for business with Portuguese-speaking countries

22 April 2015

The Bank of China branch in Macau has set up a team to promote economic and trade cooperation between China and Portuguese-speaking countries, according to Wednesday’s edition of local Portuguese-language newspaper Tribuna de Macau.

The newspaper said the initiative aims to take advantage of “the great opportunities” of the central government’s polices and maintain “active” coordination with the Macau government to build a service platform for business cooperation between China and the Portuguese-speaking countries in the territory.

In addition to offering all types of banking services, the Bank of China in Macau also intends to provide “more appropriate and customised financial services” according to the “commercial characteristics” of relations between China and Portuguese-speaking countries.

The bank also serves to “strengthen cooperation with banks of Portuguese-speaking countries” and to promote the use of the yuan in trade “between China and Portuguese-speaking countries.”

The creation of a “cross-border yuan clearing platform” that can be “spread” to Portuguese-speaking countries, the bank told the newspaper.

The Bank of China (Macau) noted the potential of trade and economic links between China and the Portuguese-speaking countries stating that since the creation of the Macau Forum the value of bilateral trade has exceeded US$100 billion.

Since its inception, the team has contacted the Macau Forum, with Macau government bodies, with the Portuguese banks in the territory and with trade associations of China, Macau and Portuguese-speaking countries, “establishing a regular communication mechanism.”(macauhub/MO)