Limit on RMB Exchange

The Renminbi (RMB) business of Macao banks has been developing in a steady and orderly manner since its inception. As of the end of September this year, RMB deposits in Macao reached RMB 118.7 billion and cross-border trade settlement cumulatively amounted to RMB 465.0 billion. Macao banks have been carrying out the RMB business on the basis of the Clearing Agreement concluded between the People's Bank of China (PBOC) and the RMB clearing bank in Macao, under which 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. Taking into consideration the actual conditions and needs in Macao, the Monetary Authority of Macao, along with the Macao financial sector, will continue to enhance the RMB business in Macao, and in that regard to discuss with the PBOC to relax the restrictions and to expand the scope of RMB business, so as to foster the further development of the local financial industry.