Macau, the world’s biggest casino hub, is
preparing for its new role as a renminbi (RMB) clearing
platform for Portuguese-speaking countries but the
city’s outdated financial regulations need an
Chinese premier Li Keqiang confirmed during a
three-day visit to Macau on October 12 that Beijing was to
turn the former Portuguese colony into an RMB clearing centre
for Portuguese-speaking countries. The president of the $1
billion Fund for Development Cooperation between China and
Portuguese-speaking Countries, announced in 2013, also
confirmed on the same day that the Fund’s
headquarters would be relocated from Beijing to the city.
However, strict labour laws coupled with bureaucracy have
hindered foreign companies from establishing their operations
in the city.
"If the authorities intend to create a specific clearing
house, modelled on Hong Kong’s, but the Macau
government does not relax the labour laws,...