Announcement No.20 [2009] of the People´s Bank of China
To
meet the demand for RMB business in Macau and as approved by the State Council,
the People´s Bank of China (PBC) decided to provide RMB position squaring and
clearing for banks in Macau for a wider range of transactions, and is hereby
making the following announcement:
1.
The RMB
clearing bank in Macau is authorized to clear cheques written by Macau
residents. Macau residents may use RMB cheques to pay for consumption in Guangdong
province within the limit of 50,000 yuan per account per day. The RMB cheques
written for this purpose are non-transferable.
2.
The RMB
clearing bank in Macau may provide RMB/Pataca exchange and position squaring
services for a wider range of RMB transactions as follows:
(1)The scope of designated merchants
eligible for RMB business is expanded to include those engaged in communications,
education services and conference and exhibition business in Macau.
(2)The cash limit for exchanging RMB by an
individual is extended from 6,000 yuan or its equivalent per person per
transaction to 20,000 yuan or its equivalent.
The
above measures will be gradually implemented when technical arrangement is in
place. The PBC will continue to facilitate economic growth, trade, investment
and RMB transactions in Macau.
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