As MOP is linked to HK$, the movements of policy rates in Macao and Hong Kong should be consistent in order to maintain effective operation of the linked exchange rate system.
AMCM
Bank of China, ICBC, Luso International, Tai Fung Bank, CGB, Mpay, AliPay and UePay lend support to e-payments.
AMCM says pataca exchange rate dropped against currencies of Macao’s major trading partners on a monthly basis but grew on an annual basis.
Credit card turnover hit MOP 5.3 billion in last quarter of 2021; mobile payment tools becoming more popular.
Developing the securities market regarded as a major step forward in the diversification of Macao’s economy.
All 31 banks in the city taking part in new pataca-only scheme; officials eyeing transfers to Hong Kong dollars and renminbi for next phase.
Residents reminded that sign-up deadline is Friday 10 December; cards must be picked up by Monday 13 December.
Under the innovative scheme, Macao residents will be able to buy reminbi-denominated wealth management products via participating banks.
Bonds, with three-year tenor at 2.68 per cent interest, were three times oversubscribed by institutional investors from all around the world.