RMB Business of Macao Banks

The Monetary Authority of Macao (AMCM) noted recent media report about personal RMB business in Macao and would like to state the relevant rules as follows: - 1. Since 2004, Macao banks have been carrying out the personal RMB business on the basis of the Clearing Agreement concluded between the People's Bank of China and the clearing bank in Macao for RMB business. 2. According to the Agreement, the limit on the value of RMB exchange in cash for each individual each time is RMB20,000 equivalent and RMB exchange through accounts for each individual is RMB20,000 equivalent per day. The AMCM, along with the Macao financial sector, has been endeavouring to promote the development of RMB business in Macao and will continue to discuss with the People's Bank of China to relax the restrictions and to expand the scope of RMB business. As of the end of September this year, RMB deposits in Macao reached RMB 62.3 billion and cross-border trade settlement amounted to RMB 108.9 billion.