In order to strengthen financial cooperation between Shanghai and Macao, the Monetary Authority of Macao (AMCM) and the Financial Services Office of Shanghai executed a "Memorandum for Financial Cooperation between Shanghai and Macao". According to the Memorandum, a mechanism for meeting at regular intervals should be established. The two places convened the first Shanghai-Macao Financial Cooperation Meeting at the beginning of this month in Shanghai. The areas of financial cooperation covered financial business, establishment of organizations, clearing and settlement, as well as information sharing. There were in-depth discussions and communications. Initial consensus was arrived at. Particularly, both sides would, via the Shanghai-Macao cooperation mechanism, share information relating to contemplated investment and financial activities of financial/commercial institutions of shanghai and Portuguese speaking countries. It would promote the function of Macao as the commercial and trade platform between China and Portuguese speaking countries, which would induce more frequent use of the RMB for cross-border transactions. In addition, the AMCM delegates met with officials of the People's Bank of China Shanghai Head Office and the Shanghai Office of China Banking Regulatory Commission. The issues of RMB investments of the Macao Fiscal Reserve and banking supervision of the two places were mooted. At the same time, the Vice-Mayor of Shanghai, Mr. Tu Guangshao, received the AMCM delegates. He showed his affirmation and support for the financial cooperation between Shanghai and Macao and the realization of the competitive edge of Macao in the process. He encouraged both sides to display endeavour conducive to the continued deepening of financial cooperation and communication between Shanghai and Macao.
