. on 25 september 2006, an “ economic and trade cooperation plan ” was passed in a ministerial level meeting of the economic and commercial cooperation forum of china and portuguese speaking countries held in macao. the delegates were ministers responsible for economic and commercial affairs of 7 portuguese speaking countries and china. the ministers reviewed the development since the inception of the forum. they actively appraised the economic and commercial results achieved under the framework of the action plan. at the same time new economic and commercial activities beneficial to implementation of new development within the realm of cooperation were incorporated in the newly formulated action plan. the delegates agreed to promote the endeavour of financial institutions of the member states with a view to locating source of fund for items of common interest within the framework. the feasibility of establishing a financial cooperation mechanism under the forum was mulled. financial cooperation and economic and commercial communication between china and portuguese speaking countries has a long cordial relationship, which is of much importance in the co - coordinated development. based on existing foundation, we can expect a sustainable relationship in cooperation. at this particular juncture, when global economy is sinking into recession or stagnation, the impetus to jump start economy appears the more precious. china and brazil are renowned to be members of the bric. they have delegates present in this conference. together with representatives of other portuguese speaking countries which have tremendous economic development potential, the delegates will exchange candid dialogues with a view to enhancing financial cooperation to promote economic and commercial flow. we believe, we can reinforce our cooperation through all these beneficial and constructive communications. taking into account its constraint of natural resources and its geographical location, the msar has been assiduously developing tertiary industry, particularly tourism and services industry. simultaneously, the government has put forward a policy measure to build up macao to become a regional service platform, which includes the function of service platform for economic and commercial cooperation between china and portuguese speaking countries. in fulfilling its duties, amcm proactively encourages the financial sector to explore the market, make acquaintance with counterparts, seek commercial opportunity and strive to score a reasonable return on capital. therefore it has organized many times representatives of the financial sector for overseas visits, which cover markets with development potential. the visits have enabled the delegates to understand the development of financial markets overseas, befriend with merchants and counterparts, establish cordial linkage. i think many delegates here have had the experience of receiving your macao counterparts. i am sure such mutual visits and communications have forged a long

anselmo teng : internationalization of the rmb and the role of macao as a financial platform address by mr anselmo teng, chairman of the monetary authority of macao, at the “ 2013 internationalization of rmb global forum ”, jointly organised by the shanghai institute of the international financial centre of the shanghai university of finance and economics and the centre for international finance and regulation ( australia ), shanghai, 26 may 2013. * * * dear delegates, ladies and gentlemen, 1 ) first of all, i would like to express my gratitude to the shanghai institute of the international financial centre of the shanghai university of finance and economics for inviting me to this forum. at the moment, the internationalization of the rmb not only attracts the attention of the mainland community, but also global financial markets. i am very pleased to take this opportunity today to present some of our views on this important topic and the role of macao as a financial platform. the internationalization process of the rmb 2 ) over the years, in order to deepen further financial reforms, the rmb internationalisation process has been gradually implemented. in the 12th five - year plan, the central government has clearly stated the strategic plan of “ expansion of rmb cross - border use and gradual realisation of rmb capital account convertibility ”. in recent years, to steadily and consistently promote the rmb internationalisation, the people ’ s bank of china ( pboc ) and relevant government agencies have broadened the flow - back channel for the rmb, increased the scope for rmb cross - border use and opened up rmb foreign direct investment to foreign enterprises. 3 ) after the eruption of the global financial crisis in 2008 / 09, however, the international financial landscape has undergone significant transformation. while the world would welcome china ’ s currency reform towards free convertibility, concerns for destabilising capital flows, against a backdrop of prolonged adoption of quantitative easing policies by advanced countries, have notably heightened. international organisations such as the imf holds a more “ practical ” position that capital controls are a legitimate part of the toolkit to manage capital flows in certain circumstances, especially for emerging - market economies. with proper control of systemic risk in mind, the degree of stability of the international financial system would correspondingly affect the pace of the currency reform in china. relaxation of capital control towards free convertibility and hence the internationalization of the rmb, while i believe would remain the ultimate goals of