Macao is likely to become the second offshore region to conduct renminbi (RMB) business in the near future, China's central bank announced.
Macao sent its application in last December after the People's Bank of China (PBOC) approved banks in Hong Kong to conduct RMB business, including deposits, exchange, remittance and credit cards.
Although the annual inflow of RMB banknotes is estimated at only RMB 2-3 billion (US$240-360 million) – a tiny amount compared to the figure in Hong Kong – the volume is expected to increase as cross-border travel and business exchanges with the mainland grow.
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