anselmo teng : strengthening financial cooperation between guangdong and macao speech by mr anselmo teng, chairman of the monetary authority of macao, at the inauguration of the bilateral application of ic cards in guangdong and macao and launching of macaupass unionpay dual currency quickpass cash card, macao, 1 december 2011. * * * the honourable secretary for economy and finance, mr. tam pak yuen, the honourable president of the people ’ s bank of china guangzhou branch, mr. luo bochuan, the honourable director of the economic affairs department of the liaison office of the central people ’ s government in the msar, mr. wang xindong, the honourable director of the coordinating department of the liaison office of the central people ’ s government in the msar, mr. xu shuang, the honourable president of china unionpay, mr. xu luode, the honourable chairman of the board of directors of macaupass, mr. liu hei wan, dear guests, good afternoon! all along, the macao monetary authority has been assiduously helping and promoting our financial sector to explore their business scope, which includes organizing delegations to visit and study set - ups overseas and on the mainland with a view to finding suitable partners in business cooperation. i am honoured to have been invited today to a ceremony commemorating the inauguration of bilateral application of ic cards in guangdong and macao and the launching of macaupass unionpay dual currency quickpass cash card. i am here to witness a fruitful result achieved in the cross - border financial business cooperation between mainland and the msar. i hereby convey my best wishes to the cooperation between the financial sectors of the two jurisdictions for even more fruitful results in the future. after the establishment of the msar, the liaison and cooperation between the financial sectors of guangdong and macao has been closer and more frequent. the trend is beckoning. in 2008, the state council promulgated the “ outline of the plan for the reform and development of the pearl river delta ”, in which financial cooperation was designated to be one of the main areas for cooperation. in march this year, the guangdong province and the msar executed the “ guangdong - macao cooperation framework agreement ”, which further promoted the financial integration of the two economies and their financial businesses. more favourable conditions for development have been created. it expands the scope of development for the financial business cooperation of the two places which signifies that the

union. the preparations should a majority of the swedish vote “ yes ” to the euro, work will begin to pave the way for swedish entry into monetary union. the riksdag is then expected during the autumn to make a formal decision that will enable sweden in practice to become a member of monetary union. at the same time, it is necessary that the legal and practical adaptations that are a precondition for our participation be prepared and decided upon before the eu ’ s finance ministers within the scope of the ecofin council take the final decision. if the referendum results in a “ yes ” vote, the riksbank will be required to help ensure that entry into monetary union proceeds in a stable, smooth manner. since the middle of the 1990s, the riksbank has been collaborating with the financial sector via the sifs group - consultation and information with the financial sector - with a view to ascertaining the adaptation measures necessary ahead of a potential swedish changeover to the euro and how long these measures would take to implement. the aim has been to make the time between a swedish riksdag decision in favour of participation and entry itself as short as possible. the swedish government has recommended that sweden, in the event of a “ yes ” vote, should strive to enter monetary union on 1 january 2006, and that this should be carried out through a direct changeover or “ big bang ”. the switch - over of all electronic transactions in society would then be made simultaneously with the cash changeover. this proposal has been welcomed by the financial sector, and there are good chances therefore of a smooth, efficient changeover to the euro at the beginning of 2006. for the riksbank, a changeover to the euro would of course be a major project. the practical preparations would include ensuring the production of new banknotes and coins, as well as the replacement of the old ones. the latter would entail a considerable logistical operation. for example, a couple of hundred large lorries would be required simply to deliver the necessary coins at the time of the introduction. but there is more to it than that. computer systems would need to be converted, not least at the riksbank, but also in many other areas of society. the riksbank would also expend a lot of effort on providing information to the general public about the implications of a changeover. in addition, there would be a number of changes in our own operations, which i will return to