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Yuan settlement via Macao for Portuguese-speaking Countries up 15 pct in 2015

A total of 7.6 billion yuan (US$1.15 billion) in payments was cleared via Macao on behalf of banks in Portuguese-speaking Countries during 2015, reported local newspaper Macao Daily News.

It was a rise of 15 percent judged year-on-year, added the media outlet.

The information in the report was attributed to Yao Jian, Deputy Director-General of the Liaison Office of the Central People’s Government in the Macao SAR. He is said to have made the remarks on Wednesday in a seminar in Macao about yuan-denominated business in Portuguese-speaking Countries.

The total amount of settlements denominated in Chinese currency cleared via Macao during 2015 reached 1.57 trillion yuan, a rise of 22.8 percent from previous year, Mr Yao said. It meant Macao was the 9th largest centre globally for yuan clearance last year, he added.

The Central Government would further assist Macao in its role as “a yuan clearing platform for trade between China and Portuguese-speaking Countries,” Mr Yao stressed.

Wang Jun, Deputy General Manager of Bank of China Macau Branch (BOC Macau), was also quoted as speaking at the seminar. He said BOC Macau – the sole lender in the city authorised by the Chinese Government to handle yuan clearance business – has established relationships with 35 lenders in Portuguese-speaking Countries. Among those lenders, 13 have set up a total of 23 bank accounts denominated respectively in yuan, U.S. dollars and euros with BOC Macau, he added.