The challenge for Macau lies in elevating the local currency, known as the Macanese pataca, in international investment and trade. Photo: Shutterstock

Explainer: Macau’s currency, fixed exchange rate and banking system

  • Macau has 30 licensed financial institutions serving a city population of 672,000, a market dominated by China’s largest lenders
  • The city is considered the second wealthiest place on earth on GDP per capita basis, and is poised to overtake Qatar in 2020, according to IMF
Topic |   Banking & Finance

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The challenge for Macau lies in elevating the local currency, known as the Macanese pataca, in international investment and trade. Photo: Shutterstock
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Enoch Yiu

Enoch Yiu

Enoch joined the Post as a business reporter in 1996. Before that, she worked at a Chinese daily newspaper for four years. She is author of two books: 'They Mean Business: 50 exclusive interviews with Hong Kong top executives' and 'Serving with Passion: stories of established catering brands in Hong Kong'.