CE: RMB bonds mark new phase for Macao’s financial services

The ceremony to mark the issuance by the Central Government of the first renminbi government bonds in the Macao SAR, is held at the Government Headquarters.

The issuance in Macao of government bonds with a face value of 2 billion renminbi (RMB) was another initiative by the Central Government to reinforce the Special Administrative Region’s (SAR’s) position as a financial services platform between China and Portuguese-speaking countries.

Issuance of the bonds – a first in Macao – marked a new phase of development for the city’s financial services, creating fresh impetus for diversification of the local economy, said today the Chief Executive, Mr Chui Sai On.

Mr Chui made the comments during a ceremony held at the Government Headquarters to mark the issuance of the bonds.

Officials present at the ceremony included: Vice Minister of Finance of the People’s Republic of China, Ms Zhou Jiayi;Deputy Director of the Liaison Office of the Central People’s Government in the Macao SAR, Mr Xue Xiaofeng; Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Macao SAR, Ms Wang Dong; and the Secretary for Economy and Finance of the Macao SAR Government, Mr Leong Vai Tac.

In his address, Mr Chui said the issuance of the bonds was a significant initiative not only in terms of speeding up development of financial infrastructure for a local bond market, but also in terms of advancing progress of renminbi business in Macao.

The bonds would appeal not only to corporate investors but would also provide the Macao public with an option for prudent investment, he added.

During his speech, Mr Chui also shared his visions for developing specialised financial services in Macao while complementing the city’s strategic positions as a world centre of tourism and leisure and a commercial and trade cooperationservice platform between China and Portuguese-speaking countries (collectively known as “Centre and Platform” policies).

Speaking at the ceremony, Vice Minister Zhou said the Central Government’s decision to issue the bonds in Macao was a major step not only to support the SAR’s specialised financial services, but also to facilitate the city’s effort towards adequate economic diversification.

The bonds were also a gift from the Central Government to mark the 20th anniversary of establishment of the Macao SAR, she added.

Ms Zhou pointed out that local financial infrastructure would play a significant role in relation to formulating the bonds’ subscription pricing; their clearance via placing banks; and their trading on the secondary market. The effort expended locally on those processes would help attract a greater number of bond issuances to Macao, she added.

The close cooperation in fiscal and financial matters between the mainland and Macao would facilitate the SAR’s further integration into the country’s overall development, particularly in terms of contributing the SAR’s strengths to the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the “Belt and Road” initiative, said Ms Zhou.

Prior to the ceremony, Mr Chui and Ms Zhou held a meeting at the Government Headquarters to exchange views on how to press ahead with work to advance Macao’s adequate economic diversification and for developing specialised financial services in the city.

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