Macau can support the financial sector of Portuguese-speaking countries in the Greater Bay

Macau can use its language, culture and network to support Portuguese-speaking countries to take advantage of the development opportunities of the Greater Bay and the Chinese market, particularly in terms of providing financial services, said the Secretary for Economy and Finance of Macau.

Leong Vai Tac, speaking during the conference of central bank governors and finance officials between China and the Portuguese-speaking countries (Macau), held at the end of May in Macau, said the meeting would allow increased financial sector cooperation, the use of the yuan as reserve currency, the process of internationalisation of the yuan and the development of cooperation in the training of financial experts.

The Secretary of Economy and Finance pointed out that as Macau is one of the 11 major cities in the Guangdong-Hong Kong-Macau Greater Bay, there are opportunities that should be explored, namely the role of the territory as a platform in the relationship between China and the Portuguese-speaking countries.

The Guangdong-Hong Kong-Macau Greater Bay Plan calls for the construction in Macau of a financial services platform between China and Portuguese-speaking countries, a Centre for the settlement of transactions in Yuans for the Portuguese-speaking countries, studying the feasibility of establishing a yuan-denominated securities market and a green finance platform in Macau.

“Macau is trying, through cooperation with higher education institutions, to take advantage of the areas of expertise and experience of Chinese experts in the financial area to provide training for staff from Portuguese-speaking countries, thus creating conditions for Macau to set up a training centre for the sector,” he said.

Leong Vai Tac also said he hoped that Macau could provide services related to the issuance of bonds, contributing to the increase in the number of cooperation projects between China and the Portuguese-speaking countries and companies from these countries. (Macauhub)