The Monetary Authority of Macao has announced that the Macau Association of Banks, the Financial Society of Guangdong and the Banking Association of Guangdong have struck agreements meant to harness the Guangdong financial system to efforts to turn Macao into a renminbi clearing centre for trade between China and the Portuguese-speaking world.

The authority issued a written announcement saying the parties agreed on ways to communicate and to exchange information so they can make the most of the function of Macao as a place where China and the Portuguese-speaking Countries can conduct business.

The announcement says the Chinese central bank supports the co-operative effort.

The effort may help the financial industry in Macau develop, and may create financing opportunities under the auspices of the China-led One Belt, One Road initiative, the monetary authority says.