Macao party visits Mozambique to tout use of the renminbi

Representatives of the Monetary Authority of Macao and a Macao commercial bank, Banco Nacional Ultramarino (BNU), have visited Mozambique to promote the use there of the renminbi, Lusa reports.

The Portuguese news agency quotes BNU executive director Sam Tou as saying on the sidelines of a meeting in Maputo between the visitors and representatives of the Mozambican Confederation of Economic Associations: “We came here to promote the use of the renminbi in Mozambique as the preferred currency.”

The executive said using the renminbi would make settlement of payments between Macao and Mozambique more efficient.

José Caldeira, a representative of the Mozambican confederation, expects benefits from using renminbi for Sino-Mozambican financial transactions, Lusa says.