Macao Renminbi Real Time Gross Settlements System Formally in Operation

Summary With the active cooperation of Macao’s banking sector, the full assistance of the Macao RMB clearing bank, the assistances rendered by the People’s Bank of China (PBOC)’s Shenzhen Central Sub-branch Immediate and Zhuhai Central Sub-branch Immediate, the Macao Renminbi Real Time Gross Settlements (RMB RTGS) System with participation of 28 financial institutions has formally been put into operation since 7 March, providing real-time settlement services for bank customers’ RMB remittances and interbank transfer of RMB funds. Putting the RMB RTGS System into operation marks a further enhancement to Macao’s financial infrastructure. It does not only help improve risk management and clearing efficiency of RMB funds but also further promotes the intensification of regional financial cooperation, facilitates the expansion of cross-border use of the RMB and fosters the development of Macao into a RMB clearing platform for trade settlement between Mainland China and Portuguese-speaking countries (PSCs). Full Release To further improve Macao’s financial infrastructure, mitigate settlement risk, enhance settlement efficiency, deepen regional financial cooperation and develop Macao into a RMB clearing platform for trade settlement between Mainland China and PSCs, after the launch of MOP RGTS System on 28 January 2013, the AMCM immediately initiated preparations for the establishment of Macao RMB RGTS System and formally started building the system in January 2015. With the full assistance of the Macao RMB clearing bank, active cooperation of all participating banks, the great support of Public Administration and Civil Service Bureau of the SAR Government, the assistances rendered by the PBOC’s Shenzhen Central Sub-branch Immediate and Zhuhai Central Sub-branch Immediate, the Macao RMB RTGS System has been launched since 7 March after 15 months of development, integration, testing, simulation and drilling. Furthermore, the system is linked up with the RMB payment and clearing system in the Mainland, which allows real-time settlement services of local and cross-border RMB fund transfers between banks or between bank customers. Currently, the system runs smoothly and is stable with the participation of 28 financial institutions.