Forum Macao News

Forum Macao and Bank of China co-organise ‘Seminar on RMB Cross-border Transactions for Portuguese-speaking Countries’

The Permanent Secretariat of the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macao) and the Bank of China, Macau Branch co-organised the “Seminar on RMB Cross-border Transactions for Portuguese-speaking Countries” on May 29, at the Bank of China Building.

Among the 50 participants were representatives from: the Monetary Authority of Macao; the respective finance ministries, economy ministries and central banks of the participating countries in Forum Macao; and representatives from major commercial banks with a presence in China and a presence in Portuguese-speaking Countries.

The Deputy General Manager of Bank of China, Macau Branch, Wang Jun, said during his speech at the Seminar, that Premier Li Keqiang had proposed during his visit to Macao in 2016 a series of policies, including the support for the establishment in Macao of a financial services platform between China and Portuguese-speaking Countries and a RMB clearing centre for Portuguese-speaking Countries. Mr Wang said these initiatives created a unique opportunity for the reinforcement of the role of Macao as the platform for cross-border RMB transactions between China and Portuguese-speaking Countries.

As a RMB clearing bank in Macao, the Bank of China, Macau Branch sought to serve national strategy. Mr Wang added that with strong support from different levels of governmental department and from other banks, more than 30 banks in Portuguese-speaking Countries had become correspondent banks for the Bank of China, Macau Branch. The latter had been providing cross-border RMB clearing services for trade taking place between China and Portuguese-speaking Countries such as Portugal, Brazil, Angola and Mozambique; and a RMB clearing service network that had covered all of the Portuguese-speaking Countries. The financial sector in the Portuguese-speaking Countries could seize the important opportunity for development derived from the “Belt and Road” initiative and expand their RMB businesses through the platform of Macao, so that they could share the benefits brought by the internationalisation of RMB, the executive added.

Representatives respectively from the Bank of China, Macau Branch and the China Foreign Exchange Trade System delivered detailed introductions respectively into the RMB clearing business in Macao and the interbank market in Mainland China.

Professor Cao Yuanzheng, Chief Economist of Bank of China International Ltd, gave a presentation during the Seminar – at the invitation of the organisers – on the progress of the internationalisation of RMB. The Seminar was organised before the opening of the 8th International and Infrastructure Investment and Construction Forum. The Bank of China, Macau Branch also took the opportunity to explain to participants the importance of Macao in the “Belt and Road” The bank hoped to provide financial assistance, in collaboration with the financial sectors of Portuguese-speaking Countries, for infrastructure construction in China and Portuguese-speaking Countries and to boost cooperation on industrial capacity enhancement.

During the Seminar, participants exchanged opinions on issues including establishing a “RMB clearing centre for Portuguese-speaking Countries” in Macao and the promotion of RMB in Portuguese-speaking Countries. It is hoped that the cooperation between the financial institutions of Macao and Portuguese-speaking Countries can be strengthened, so that corporate customers from China and Portuguese-speaking Countries can receive higher quality and more convenient financial services.