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You’ll be able to use patacas in Hengqin under a new central bank proposal

The People’s Bank of China says it wants to make it easier for Macao residents to live and work in the zone.

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The People’s Bank of China says it wants to make it easier for Macao residents to live and work in the zone.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 12:30 am

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.

 

UPDATED: 22 Dec 2023, 12:30 am

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