Shoppers may be allowed to use patacas for day-to-day transactions in the Guangdong-Macao Intensive Cooperation Zone in Hengqin, under a joint proposal by the People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, and other official bodies.
The Macau Post Daily reports that the initiative is one of 30 governing the zone’s financial development.
Under the proposals, Macao residents can use their mobile payment applications for purchases in yuan, and use patacas for so-called “small-value” payments.
[See more: New Hengin regulations take effect on 1 March]
The moves also aim to allow Macao residents to obtain loans from financial institutions in the zone, and encourage financial institutions in the zone to employ Macao residents.
Other proposals govern cross-border trade, investment, and financing, and strengthen cooperation on financial governance, Macau Post Daily says.
