financial businesses developments amongst others. 12. the monetary authority of macao, in the course of managing the fiscal reserve of the government, has invested in the onshore market through the cibm quota ( i. e. china interbank bond market quota ) approved by the people ’ s bank of china. we also invest in the rmb offshore market in hong kong as a supplement to the onshore rmb portfolio. from a more global perspective and looking ahead, along with an increasing weight in the rmb in global trade settlement and a rising investment interests from abroad, the internationalization path of the currency would lead to more market opportunities, both for the domestic mainland investors and offshore international investors. 13. for currencies of major emes such as the rmb to gain shares being occupied disproportionately by traditional reserve currencies, their financial markets would need to be further reformed to make them large, liquid and internationalised, against the backdrop of a consistent relaxation in foreign exchange control policies. these markets should be made accessible to non - residents on demand and be able to supply the currencies in sufficient quantities. 14. at the moment, there is a clear division of labour between the two leading financial centres of china ; shanghai is the onshore rmb centre and is in good progress in developing as an international financial center while hong kong focuses on offshore activities. the development of other offshore rmb center such as london, singapore and chinese taiwan are also picking up speed. 15. macao ’ s strong relationship with hong kong, shanghai and the guangdong province, coupled with its unique ties with portuguese - speaking countries, clearly facilitate the sar ’ s development into a service platform for the fast - growing trade and investment activities between mainland china and portuguese - speaking countries, as well as other countries including countries in latin america. with its open and stable financial system, macao is well - prepared to actively engage in the next step of the internationalisation of rmb and the apparent ascent of the rmb in a multicurrency world. 16. finally, i am glad that i have the opportunity to share your experiences and thoughts on this subject. may i also wish every success for this inaugural main meeting. thank you! bis central bankers ’ speeches

financial cooperation and activate trade between the two sides. to more effectively promote multilateral economic, trade and financial cooperation, we should not miss the fine opportunity available and sturdy foundation laid down. macao can enlarge its role as economic, trade and financial platform via the following conceptions : 1 ) by making use of its historical, cultural and legal framework connection with lusophone countries, macau can actively assist enterprises of the mainland, particularly the pan - pearl river region, to start business in lusophone countries. as rmb cross border trade settlement business has been inaugurated, they can strive to settle transactions denominated in rmb. 2 ) amcm is able to organize financial institutions of the pan - pearl river region to visit lusophone countries and help them to establish business connections with financial institutions there with a view to rolling out related business with them. 3 ) all along, the guangdong province has been dubbed with the reputation of being a “ province of manufacturers ”. now, an overall plan is being implemented to replace conventional industries with more innovative industries. it is prudent to make use of macao as the platform to channel suitable enterprises to set up manufacturing concerns in lusophone countries. the move will trigger off a series of multilateral trade transactions. in addition, related financial services can be generated in the course of relocation of the factories. 4 ) in the regulatory realm, channels of co - operation needs to be built up and regulatory system framework needs to be established in order to safeguard cross - border financial activities and flow of funds. the above are food for further thought. finally, i believe that through interaction and endeavour of regulatory authorities, financial sectors and enterprises of member states, we are able to promote sustainable, steady and healthy development in the economic, trade, manufacturing and financial areas. in the face of all these, macao can make good advancement and be able to enhance its role as platform for economic, trade and financial services. thank you!