The deputy general manager of Bank of China – Macau Branch (BOC Macau), Wang Jun, has urged that cross-border trade between China and Portuguese-speaking countries be settled in yuan.

He made the remarks during a seminar held in Macau on Tuesday, local newspaper Macao Daily News reported.

To push the use of yuan in cross-border trade, BOC Macau hopes to “strengthen co-operation” with other banks in Portuguese-speaking countries, Mr Wang was quoted as saying.

Most of the cross-border trade between China and Portuguese-speaking countries is still settled in either U.S. dollars or euros.

Local newspaper Jornal Tribuna de Macau reported last month BOC Macau had set up a dedicated team to promote economic and trade co-operation between China and Portuguese-speaking countries.