The sole clearing bank for yuan business in Macao, Bank of China Macao Branch (BOC Macao), has been approved to provide clearing and settlement services in China’s currency to Portuguese-speaking Countries, local newspaper Macao Daily News reported.

The newspaper said China’s central bank – the People’s Bank of China – gave approval on August 6 for BOC Macao to offer such services to the banking industry in Portuguese-speaking Countries.

BOC Macao hoped to use the opportunity “to explore other financial business in Portuguese-speaking Countries,” as well as to support the development of Macao as a regional service platform in commerce and trade between China and Portuguese-speaking Countries, the newspaper said.

According to the media outlet, Macao ranked eighth in the usage of yuan in offshore markets in 2014, compared with the 11th place it registered in the previous year. In the first half of 2015, the value of yuan settlement in Macao totalled RMB997 billion (US$155.4 billion), surging by 37.3 percent year-on-year.

BOC Macao said it would seize chances to participate in visits to Portuguese-speaking Countries organised by the authorities, in bids to strengthen its relationships with lenders in Portugal, Brazil, Angola, Mozambique and Cape Verde.

BOC Macao signed a co-operation protocol in June with Banco Nacional Ultramarino (BNU) – a lender based in Macao – to promote business between China and Portuguese-speaking Countries.