China studies Macao currency payments in Hengqin economic zone

China plans to develop payment systems that allow companies operating in the Hengqin Guangdong-Macao Cross-Border Cooperation Zone to use the Macao pataca, several government agencies announced Thursday.

The People’s Bank of China, China Banking and Insurance Regulatory Commission and three other departments said that by 2035 the cross-border financial management system will be more complete.

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In a note released Wednesday, the country’s regulators announced 30 measures to support financial reform and innovation and strengthen cooperation between mainland China, Hong Kong and Macao special administrative regions.

The People’s Bank of China, China Banking and Insurance Regulatory Commission and three other departments said that by 2035 the cross-border financial management system will be more complete.

One of these measures is to promote mobile payments in cooperation areas. For this, the regulators said that the use of Macao’s currency, the pataca, will be allowed for small payments in the cooperation zone in an orderly manner and controlling risks.

Chinese financial regulators believe these measures will further facilitate cross-border trade and investment, as well as promote the opening up of the Hengqin economic zone.

Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to the original article:https://news.cgtn.com/news/2023-02-24/China-considers-payments-in-Macau-pataca-in-Hengqin-economic-zone-1hFaexQdcDC/index.html

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