The people's Bank of China announced on Wednesday that it will further facilitate the cross-border remittance business of Macao's individual RMB, and increase the daily remittance limit of Macao's individual residents to the mainland's account with the same name from 50000 yuan to 80000 yuan. The people's Bank of China will continue to support the development of Macao's economy, trade, investment and RMB business.
"To increase the remittance quota of Macao residents is conducive to meeting the RMB settlement needs of Macao residents and facilitating the economic, trade and personnel exchanges between Macao and the mainland." The central bank said in a press release on its website.
According to the announcement issued at the same time by the central bank, in order to further meet the needs of Macao's RMB business development, the central bank decided to expand the scope of providing clearing arrangements for Macao's banks to handle RMB business. The mainland banks shall handle the settlement of remittance according to relevant regulations, and the unused RMB remittance can be remitted back to Macao after verification. The above arrangement will be implemented in the near future after all technical preparations are completed.
Chinese President Xi Jinping arrived in Macao on a special plane Wednesday afternoon. In a brief speech to the media at the airport, he said that Macao has made proud achievements in 20 years since its return to the motherland. Macao earnestly implements the principle of one country, two systems, and the experience and characteristics it has gained are worth summarizing.
Reuters quoted a source last week as saying that the central government would announce a series of supporting policies to Guide Macao's economic focus from relying on casinos to the financial center. Relevant policies will include the establishment of RMB denominated stock exchanges and the acceleration of the ongoing RMB settlement center.
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