Macau has a role to play in the internationalisation of China’s currency

6 September 2016

Macau should enhance its role as a service platform between China and the Portuguese-speaking countries, especially in financial services and in settlement of renminbi between China and Portugal, the President of the Macau Monetary Authority said on Monday in Lisbon.

“The formal membership, from 1 October, of the renminbi to special drawing rights of the International Monetary Fund is an important milestone on the road of internationalisation of the Chinese currency and we believe that in future the renminbi will be increasingly in demand in the international market and will be a widely used currency,” said Anselmo Teng Lin Seng, at a seminar held in the Portuguese capital.

The president of the Macau Monetary Authority said that based on the value of trade between those countries, which amounted to US$98.5 billion, “it can be seen that the development space associated with the cross-border use of renminbi in business relations to be developed by China and the Portuguese-speaking countries will be very broad.”

The Director-General of the Shanghai Municipal Financial Services Office, Zheng Yang stressed the need to strengthen trade relations between the Portuguese market and China, considering that “Portugal is the most important Chinese business partner in the European Union,” while “China is the tenth largest export market and the seventh largest market for imports from Portugal.”

Zheng Yang, quoted by Portuguese news agency Lusa, also argued that it is time for an improvement in “cooperation in financial services between Shanghai, Macau and Lisbon.”

The seminar “Financial services, stimulus and cooperation between China and Portuguese-speaking countries, with the Macau Special Administrative Region as a platform,” was organised by Portuguese state financial group Caixa Geral de Depósitos. (macauhub/CN/MO/PT)