Banks from Angola and Brazil have already made payments in Chinese currency

9 May 2016

Banks from Angola and Brazil have already used the new cross-border payment mechanism in Chinese currency, the manager of the financial institutions department of the Bank of China’s subsidiary in Macau told Portuguese-language newspaper Tribuna de Macau.

Zhao Hao also said that cooperation network of the Macau branch of the Bank of China with banks in Portuguese-speaking countries has not stopped growing in recent years and that this trend will continue in the future, driven by the launch of the renminbi real time settlement system by the Macau Monetary Authority.

He recalled that the branch in Macau had been authorised by the People’s Bank of China, in 2015, to offer the new service to the financial system of the Portuguese-speaking countries.

With this new mechanism, the Chinese authorities intend to promote the international use of the renminbi as well as to “facilitate trade and transactions between China and the Portuguese-speaking countries and Latin America.”

“In 2015 we made the first payment in renminbi from Angola to China via Macau, and in April this year, the first from Brazil to China,” said Zhao Hao, arguing that “this shows that Macau is taking on an important role as a business service platform between China and Portuguese-speaking countries.”

The total clearing amount in renminbi in Macau reached 1570 billions yuan in 2015, showing an increase of 22.8 percent compared to 2014, and the territory occupied the 9th place in the world, according to data presented by Zhao Hao in Brazil, where he was part of a business delegation coordinated by the Macau Institute for Promotion of Trade and Investment (IPIM).(macauhub/AO/CN/BR/PT/MZ)