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December 15, 2009

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Home » Business » Economy

Mainland and Macau seal yuan deal

THE People's Bank of China yesterday signed an agreement with the Monetary Authority of Macao for a cross-border trade yuan settlement program to take place and increase the amount of yuan Macau residents can buy to meet their needs for the Chinese mainland currency.

Zhu Min, deputy governor of the PBOC, signed the Memorandum of Supplementary Cooperation Relating to the Macau yuan business with Anselmo Teng, chairman of the monetary authority, yesterday in the special administrative region.

Macau residents will be able to buy up to 20,000 yuan (US$2,928) in each transaction, a rise from 6,000 yuan, the PBOC said. They will also be allowed to use yuan cheques of up to 50,000 yuan per account per diem to pay for consumer purchases in Guangdong Province, the PBOC said.

The PBOC now also allows industries, including telecommunications, education and exhibition and convention services, to exchange yuan for pataca from Macau banks. Currently, only retail and catering services can be paid directly in yuan in Macau.

"The signing of the deal will further promote the cross-border trade settlement in yuan," the Monetary Authority of Macao said on its Website.

China has already allowed the yuan settlement of cross-border trade transactions between Hong Kong and five mainland cities, including Shanghai, as it attempts to boost the yuan's presence around the world.


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