Macau to have renminbi clearing system in 2016

27 November 2015

In 2016 the Macau government will introduce a clearing system for the Chinese company, the renminbi, the Secretary for Economy and Finance Lionel Leong announced Thursday.

The new system, the secretary said, removes obstacles to processing the Chinese currency in Macau and thus facilitates the movement of funds between the two sides of the border.

In a document that details the Government Lines of Action for 2016 for the Economy and Finance, Leong said the new system was intended to link Macau “to similar systems in neighbouring jurisdictions and facilitate the settlement of cross-border funds in renminbi.” (macauhub/CN/MO)