Starting from 2 January 2024, interbank foreign exchange trading of the Macau Pataca will be introduced to the China Foreign Exchange Trade System.
Trading in currency pairs, such as the renminbi versus the pataca, the US dollar versus the pataca, and Hong Kong dollar versus the pataca, will be allowed for eligible institutions, as announced by the State Administration of Foreign Exchange (SAFE) on Wednesday.
According to the announcement, this move aims to facilitate cross-border trade and investment in the Guangdong-Hong Kong-Macau Greater Bay Area while enhancing support for the region’s financial sector.
Spot transactions involving the renminbi versus the pataca will be permitted to fluctuate within a range of 3 per cent above or below the daily midpoint of the exchange rate.
RMB FX interbank market makers and trial market makers will be responsible for providing liquidity to the markets by updating quotes during the trading day.
The daily midpoint of the renminbi against the pataca exchange rate will be announced at 9:15 a.m. on each trading day.
