The Monetary Authority of Macao hints that it will commence negotiations with Hong Kong and Shenzhen to foster cross-boundary instant e-payments for Macau residents. A new arrangement was brought into effect Monday to allow Macau residents to pay their bills from Guangdong businesses using their Macau bank accounts. On its first day, the arrangement saw five transactions and 12 registrations. The payment method allows a cap of RMB5,000 for a single payment and RMB20,000 per day.
City records nearly MOP200b in foreign exchange reserves
The preliminary estimate of the city’s foreign exchange reserves amounted to MOP193.2 billion as of November, about 10 times as much as the city’s currency in circulation. The reserves increased by 3% from the revised value of MOP187.6 billion for the previous month. The trade-weighted effective exchange rate index for the pataca dropped 0.93 points month-on-month and 4.08 year-on-year in November 2020, implying that the pataca has become weaker against its major trading partners.
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