The Macao Government and the city’s banking industry should work together to promote Macao as a yuan clearing platform for trade settlement between Mainland China and Portuguese-speaking Countries, said Ip Sio Kai, Chairman of the Macao Association of Banks.

His comments were made during a local business seminar this week.

Since Macao won approval from China’s Central Government to become a yuan real time gross settlement centre, the provision of such services had already “matured”, he said, quoted by local newspaper Macao Daily News.

The city should now push promotion of such services overseas, Mr Ip noted. The local authorities should take the lead in facilitating communication, exchanges and co-operation between Macao’s banks and those in Portuguese-speaking Countries, he added.