在澳門設立人民幣次級離岸中心的可行性

This article discusses the feasibility and necessity of developing Macao into a regional or secondary offshore financial center for RMB. Considering the fact that RMB is the most widely used currency in mainland China, which is Macao’s largest trade partner and main source of tourists, the center can be crucially important for Macao’s industrial diversification and sustainable economic growth. Existing limitations and potential strengths of Macao are analyzed in order to develop its offshore financial business effectively and smoothly. The potential strengths of Macao being a regional offshore financial center include its abundant RMB source, high level of internationalization of the banking system, high degree of integration with mainland China’s banking and financial services, and its familiarity with international businesses, etc. In the paper, four policy recommendations to facilitate the development of the offshore financial center are provided. The policy measures recommended include cooperation with the adjacent Zhuhai-Hengqin Free Trade Zone and nearby Hong Kong SAR, the promotion of RMB-related businesses with Portuguese-speaking countries, and the shift of Macao’s monetary anchor from the Hong Kong dollar to RMB.