A proposal to set up an offshore RMB-denominated “Nasdaq” in Macau has been submitted to Beijing for consideration, according to a senior official from neighboring Guangdong province, reported the South China Morning Post.
He Xiaojun, director of Guangdong’s Local Financial Supervision and Administration Bureau, said he hoped China’s central government might give its blessing to the plan by mid-December, which marks the 20th anniversary of the city’s return to Chinese administration.
Beijing tasked Macau with carrying out a feasibility study on establishing a securities market – denominated and settled in RMB – in February when it revealed its outline development plan for the Greater Bay Area – a scheme to create an economic and innovation hub incorporating the cities of Hong Kong, Macau, Guangzhou and eight others in Guangdong.
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