The People’s Bank of China and the Monetary Authority of Macau have renewed their bilateral currency swap agreement for another three years. Under the arrangement, the PBOC and the AMCM can exchange local currencies with each other of up to 30 billion yuan ($4.3 billion) or MOP34 billion, the PBOC said in a statement yesterday. The renewed agreement is aimed at maintaining financial stability and supporting economic and financial development of the Chinese mainland and Macau, the statement said.
Broad money supply rebounds in October
Macau’s broad money supply rebounded by 0.2% month-on-month to MOP681.0 billion ($85.2 billion) in October, the special administrative region’s (SAR) monetary watchdog said yesterday. According to official statistics, currency in circulation and demand deposits dropped 0.6% and 1.7%, respectively. M1 thus decreased by 1.3% from one month earlier. On the other hand, quasi-monetary liabilities increased 0.4%t. The sum of these two items, broad money supply or M2, rebounded by 0.2% to MOP681.0 billion. On an annual basis, M1 and M2 fell 8.4% and 1.7%, respectively.
