Lenders from Angola and Portugal have set up yuan-denominated accounts with Bank of China Macau Branch (BoC Macau), local newspaper Macao Daily News reported.
BoC Macau held a seminar last week to outline the performance of its yuan clearance business in the first half of 2016. The lender is the sole bank in the city authorised by the Chinese Government to handle yuan clearance business.
The Macao lender was also quoted as saying it had helped banks from Brazil, Portugal and Mozambique to settle cross-border yuan transactions in Mainland China via Macao. BoC Macau has also assisted some lenders from Portuguese-speaking Countries in remitting – via Macao – yuan-denominated capital to nations from the Association of Southeast Asian Nations (ASEAN).
Yuan clearance business in Macao amounted to 523.71 billion yuan (US$78.68 billion) in the first half of 2016, versus 1.57 trillion yuan for the whole of 2015, the newspaper reported.
