Macau to become a centre for yuan settlement, Chinese Premier Li Keqiang confirms
The move forms part of policy to diversify the former Portuguese colony’s economy away from its reliance on gambling revenues
Beijing has confirmed that Macau will become a key centre for yuan settlement as China moves to extend and enhance its economic clout in the developing world.
The confirmation came via state news agency Xinhua as Premier Li Keqiang departed Macau after a three-day landmark visit during which he lavished praise on the city and attended a conference along with the prime minister of Portugal and the leaders of a number of African and South American nations.
The move to make Macau a clearing house for yuan transactions – first reported by the South China Morning Post on Tuesday – is a key plank in a list of policies aimed at boosting and diversifying the economy of the former Portuguese enclave and weaning it off an over-reliance on gaming.
Prior to boarding a flight to Beijing on Wednesday morning Li said the central government would help support Macau to develop into a banking platform for yuan clearance between China and the world’s Portuguese-speaking countries.
“The establishment of a renminbi clearing centre for Portuguese-language nations in Macau will not only benefit the development of Macau’s financial and trade industries, the development of commodity and service trades will also be strongly supported,’’ said Li.