An academic in Macao has urged the city, in setting up a stock exchange, to exploit its function as a place where China and the Portuguese-speaking world can do business, the China News Service (CNS) reports.

The Chinese state-run news agency quotes City University of Macau Associate Vice-president Ye Guiping as telling a conference that Macao should also make use of its close ties to Portugal, Brazil, Mozambique and Angola in reaching into markets in Europe, Latin America and Africa.

The report says Mr Ye is the director of the City University of Macau Research Centre for Macau Social and Economic Development, which is backed by the Chinese Ministry of Education.

Creating an offshore renminbi market would develop the economy of Macao and help make the currency more widely used abroad, CNS quotes Mr Ye as telling the conference, which was held on Wednesday by the research centre he heads.