Macau government calls for greater interconnection between banks from China and Portugal

19 November 2015

The government of Macau is seeking to implement actions leading to greater interconnection between Chinese- and Portuguese-owned banks, according to a report on the government lines of action for 2016.

Indicating that the work would be ongoing and begin in the first quarter of 2016, the report said that the government also intends to promote the entry of Portuguese banks in mainland China, and the establishment in Macau of a clearing platform for renminbi (yuan).

The latter proposal aims to promote the use of Macau by banks and companies from Portuguese-speaking countries for clearing transactions in renminbi (yuan) and investment operations and financing in the same currency.

The document also presents the Macau government’s desire, through Chinese and Portuguese banks, to make “Customers from mainland China who do business with the Portuguese-speaking countries and those from the Portuguese-speaking countries with trade relations with mainland China use Macau’s banking services.”

The government also intends to take a proactive role for companies from mainland China to identify partners in Portuguese-speaking countries and find room for expansion for these companies “in Portuguese and Latin-speaking markets.”

In short, the report said the government intends to promote “financial cooperation between Macau, mainland China and the Portuguese-speaking countries, in conjunction with the policy of internationalisation of the Chinese currency and the plan to provide services for the construction of ‘One Belt, One Road” project. (macauhub/CN/MO)