WeChat official account "People's Bank of China" reported on December 5 that, after approval by the State Council, the People's Bank of China and the Macao Monetary Authority have renewed the bilateral currency swap agreement and upgraded it to a standing swap arrangement, which is valid for the long term. The swap scale has been expanded from the original 30 billion yuan/34 billion Macanese patacas to 50 billion yuan/57 billion Macanese patacas, further maintaining financial stability in both regions, better supporting bilateral trade and economic cooperation, and promoting the steady development of the offshore RMB market in Macao.
According to previous reports by CCTV News, the People's Bank of China stated that this move aims to further maintain financial stability between the mainland and Macao, better support bilateral trade and economic cooperation, and promote the steady development of the offshore RMB market in Macao.
The Macao Monetary Authority stated that the renewal and optimization of this agreement will provide more solid RMB liquidity support for the Macao financial market, benefiting Macao financial institutions in expanding their RMB business. In the future, the Monetary Authority will continue to promote Macao financial institutions in making full use of the currency swap mechanism and the RMB clearing advantages, attracting governments and enterprises from Portuguese-speaking countries to invest and finance in Macao, further consolidating Macao Special Administrative Region's role as the "China-Portuguese-Speaking Countries Financial Services Platform."
Original: toutiao.com/article/7580556922860896794/
Statement: This article represents the views of the author himself.