Shanghai Gold Exchange, BOC do intl financial services deal

The Shanghai Gold Exchange and Bank of China (BOC) have struck up a joint arrangement to make Macao an even better place to avail of financial services for business between China and the Portuguese-speaking world, China National Radio reports.

The state-run radio station says the exchange has authorised the Macao branch of BOC to handle its offshore accounts, making doing business simpler for BOC Macao account holders.

The report says the deal is meant to exploit better the potential of the gold market; to help Macao function a place where China and lusophone countries can do business, especially the yuan clearing aspect of such business; and to spur the development and integration of the Guangdong-Hong Kong-Macao Greater Bay Area.

The deal signed on Monday may make it cheaper for foreigners to trade in the Chinese gold market, China National Radio says.