The operation of a yuan real time gross settlement system (RMB RTGS) in Macao could strengthen its role as a financial platform for co-operation between China and Portuguese-speaking Countries, said the Monetary Authority of Macao.

Local newspaper Macao Daily News reported this week the system has been in operation since early March with the participation of 28 financial institutions, namely 23 local lenders, three non-local banks and two non-banking financial institutions.

The system could provide real time settlement services on yuan-denominated transfer for the clients of the financial institutions or between the institutions, said Lau Kei Fong, Deputy Director of the Information Technology Department of the city’s de facto central bank.

With a daily capacity of handling 100,000 transactions, the system now processed more than 200 transactions a day, he added.

By providing more effective yuan-denominated services, the financial institutions could help consolidate Macao’s role as a financial platform for co-operation between China and Portuguese-speaking Countries, Mr Lau noted. Financial institutions from Portuguese-speaking Countries were welcome to apply to join the system, he added.