services and promoted market development. to amcm, last year was a year of consolidating the financial sector through continued enhancement of financial risk supervision. in the aftermath of the financial crisis, amcm followed up - to - date development of international financial supervision, continued to strengthen financial supervisory work in line with the fresh standards and requirements imposed by the basel committee on banking supervision. at the same time, amcm rolled out specific guidelines on risk mitigation, which reinforced the legal aspect of financial risk management to assist our practitioners in their risk - aversion endeavour. through the collective endeavour of our financiers, the macao banking sector, in the midst of overall economic recovery, scored results with flying colours again, which laid down solid foundation in the realization of our long term sustainable development. as per the end of 2010, total assets of the banking sector amounted to mop540 billion, a year - on - year growth of 26. 5 % ; aggregate deposits totalled mop341. 5 billion, a year - on - year growth of 11. 3 %, while loan portfolio stood at mop245. 7 billion, a year - on - year growth of 31. 7 %, making a loan deposit ratio of 71. 9 % ; initial overall profit for the banking sector amounted to mop3. 54 billion. the whole banking sector had a high capital adequacy ratio of 15. 3 %, bis central bankers ’ speeches which far exceeded international standard ; non - performing loan ratio was a meagre 0. 4 %, which reflected fine asset quality. as for rmb business, as per end of 2010, rmb deposits amounted to rmb 13. 3 billion, a year - on - year expansion of 5. 9 times ; in february 2011, it went up to rmb23. 2 billion, an increase of 74. 4 % compared to 2010 end. at the same time, banks settled rmb business valued at rmb6 billion for the period starting october 2009, when cross border rmb trade settlement business started, to end of 2010. moreover, to widen the spectrum for investment and fund management for macao residents and institutions, with the green light given by the people ’ s bank of china, the settlement channel for macao entities in the purchase of rmb bonds issued in hong kong was opened. in the realm of insurance supervision, apart from perfecting offsite surveillance measures, the inspection and app

anselmo teng : macao ’ s role as a platform for economic, trade and financial services speech by mr anselmo teng, chairman of the monetary authority of macao, at the 3rd ministerial conference of the forum for economic and trade cooperation between china and portuguese speaking countries, macao, 13 november 2010. * * * honourable ministers, dear guests, ladies and gentlement, the forum for economic and trade cooperation between china and portuguese speaking countries was established in 2003. the forum attaches much importance to economic and trade cooperation development. on the other hand, it embodies integration of different culture while members pay respect reciprocally to different trade practices. all through these years, encouraging results have been achieved via the principle of equality, mutual benefit and diversified cooperation displayed by members of the forum. today, we are holding the 3rd ministerial conference of the forum. we make use of the opportunity to welcome local entrepreneurs and financiers and their counterparts who have come afar. we gather together to voice out our opinions based on which we shall formulate how to better our cooperation. portuguese speaking countries are a market of more than 200 million consumers and endowed with enormous natural resources, which are complementary to the economy of china. in a short span of time of 7 years, the forum has enabled member countries to develop a brand new relationship. industry and trade have flourished, visits and communications among members have become more frequent, the ministerial conference of the forum has been regularized. the forum has promoted interaction in the financial realm and financial institutions of both sides have achieved solid results arising from financial cooperation. we see harmonious atmosphere, equality and mutual benefit in the forum, all of which have enhanced development. integration of east and west cultures and complementary economic development are also being activated rapidly via various vehicles of the forum. in view of its advantageous geographical location and historical background, macao has been playing a vital function as the liaison platform for economic and trade cooperation between china and the portuguese speaking countries. it is a unique city in china when comes to maintaining such special relationship with portuguese speaking countries. in view of its historical backdrop, its relationship with the mainland, particularly in the realm of trade and financial connections, and the benign interactions with portuguese speaking countries, particularly its partnership with financial institutions of these countries, macao has fully displayed its function as service platform in the middle. in the financial sector, as the financial regulator, the monetary authority of macao ( “ amcm ” ) has