With the objective to further strengthen the commercial activities between Macao and Hong Kong, as well as to cope with the practical needs arising from the development of the local economy and the financial market, it is the on-going effort of the financial regulators of Macao and Hong Kong to strengthen cross-border cooperation, and to facilitate fund flow between the two regions. Following the launch of “Macao / Hong Kong Cross-border Clearing of HKD Cheques” on 6th August 2007, which was aimed at reducing the time taken for Macao residents to receive the funds through HKD cheques issued by banks in Hong Kong, the “Macao / Hong Kong Cross-border Clearing of USD Cheques” will be launched this year by making use of the cross border cheque clearing platform already in place. The mechanism will provide swift, convenient and secure services to customers of banks operating in Macao in collecting their funds arising from U.S. Dollar cheques. The Monetary Authority of Macao has invited the current agent bank of the “Macao / Hong Kong Cross-border Clearing of HKD Cheques” ---- the Bank of China Macao Branch to be the agent bank of this new service in Macao to provide clearing service to participating banks. On 20th June, the Monetary Authority of Macao, Hong Kong Interbank Clearing Limited, Bank of China (Hong Kong) and Bank of China Macao Branch signed the co-operation agreement. The new “Macao / Hong Kong Cross-border Clearing of USD Cheques” will be launched on 23rd June 2008. Bank of China Macao Branch is well prepared in order to ensure a smooth start of this new service.
