People’s Bank of China grants facilities to Macau residents for transactions in Renminbi

20 December 2019

The People’s Bank of China has provided more facilities to Macau residents for individual transactions in renminbi (RMB), particularly cross-border transfers of funds, according to a statement issued by the Monetary Authority of Macau (AMCM).

The Chinese central bank approved the use and acceptance, in mainland China, of mobile payment methods from Macau and allowed certain local banks, on an experimental basis, to supervise, acting as agents, the opening of bank accounts in mainland China, by Macau residents.

The specific measures announced by the Chinese central bank consist of an increase in the daily limit of funds that can be transferred by each “individual” Macau resident to the account in their name denominated in RMB opened in mainland China, from RMB 50,000 to RMB 80,000, in approving the use and acceptance, in Zhuhai, of mobile payment methods from Macau for retail and restaurant sales.

With a view to coordinating with the measures of the People’s Bank of China, there will no longer be any limit on individual operations in RMB by local banks. Which is to say that the previous limit of RMB 20,000 will be cancelled as exchange transactions will be “compensated and settled” through the operations to be carried out in the offshore RMB markets. (macauhub)