The Macao branch of Bank of China Ltd (BoC) says the value of settlements in renminbi in Macao for banks in the Portuguese-speaking Countries was 3.6 billion yuan (US$572.33 million) last year, the Macao Daily News reports.
The newspaper says BoC Macao means to help Macao become a place where China and financial institutions in the Portuguese-speaking world can conduct business.
BoC Macao is the only bank authorised to do clearing in renminbi in Macao.
The report says BoC Macao will consider models for trade and investment between China and the Portuguese-speaking Countries with a view to increasing the value of settlements in renminbi in Macao.
Branches in Portugal and Brazil will allow BoC to expand into the Portuguese-speaking world, the Macao Daily News says.
