Macau’s Monetary Authority is considering setting up a yuan-based stock market as part of the territory’s push to diversify its economy away from gaming, Reuters reports.
The authority told Reuters in an email that it was starting feasibility studies for a securities market, including a stock market which would “leverage Macau’s advantage to serve the country’s needs.”
“Macau has a very strong position in promoting itself as the financial service platform between the Mainland and Portuguese-speaking countries and the mentioned feasibility studies will be conducted under this context and advantages,” Reuters cited the Monetary Authority as saying.
The proposal would form part of Beijing’s plans for the development of the Greater Bay Area, an ambitious project launched earlier this year that focuses on the economies of Hong Kong, Macau and several other cities in southern China.
The plan stated it would support Macau in developing financial products and services as well as a securities market and a green finance platform.