China looking to become clearing house for huge investment deals with countries like Mozambique, Brazil and Angola

Beijing has confirmed that Macau will become a key centre for yuan settlement as China moves to extend and enhance its economic clout in the developing world.

The confirmation came via state news agency Xinhua as Prime Minister Li Keqiang departed Macau after a three day landmark visit during which he lavished praise on the city and attended a conference along with the Prime Minister of Portugal and the leaders of a number of African and South American nations.

Prior to boarding a flight to Beijing on Wednesday 12 October, Prime Minister Li said the central government would help support Macau to develop into a banking platform for yuan clearance between China and the world’s Portuguese speaking countries.

“The establishment of a renminbi clearing centre for Portuguese-language nations in Macau will not only benefit the development of Macau’s financial and trade industries, the development of commodity and service trades will also be strongly supported”, said Prime Minister Li.

The arrangement will effectively mean that the city becomes a clearing house for huge investment deals with countries like Angola, Brazil and Mozambique.

Source: South China Morning Post

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