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
Follow your favourite topic and get notified