The Macau Central Securities Depository (CSD) was officially launched yesterday, and Secretary for Economy and Finance Lei Wai Nong said in a speech that the system represents a new page for Macau’s bond market.
Chief Executive Ho Iat Seng, Liaison Office Director Fu Ziying, as well as a number of officials from the central government and representative from China Central Depository & Clearing Company Limited (CCDC) attended yesterday’s launch ceremony at the Services Platform Complex for Commercial and Trade Cooperation between China and Portuguese-speaking Countries in Nam Van.
Lei promised that under the Macau Monetary Authority’s (AMCM) supervision the system will be efficient and safe. The CSD system, providing services of registration, depository and clearing, will consolidate the foundation for developing Macau’s securities market and the platform for financial services between China and Portuguese-speaking countries, Lei said.
He also said that with the support from and coordination with China Central Depository & Clearing Company Limited (CCDC), the system is compatible with the standard for modern financial facilities.
According to Lei, “starting from a high point”, investors and issuers are provided with more convenient and diverse services. Lei also said that as Macau is a merging point for the nation’s dual circulation, the system will help foreign investors and mainland issuers enjoy a better transition. Lei also said that the system will assist internationalising the yuan and injecting new energy into Macau’s modern finance industry, while ultimately achieving the city’s economic diversification.
CCDC Deputy General Manager Xu Liangdui said in a speech that his company will work with its counterparts in Macau to help build the city into a major offshore renminbi (RMB) market and a major portal for the opening up of the mainland’s securities market.
Renminbi (“people’s currency”) is the yuan’s official designation.
Developing the securities market is a major move for Macau to diversify its economy and integrate into the overall national development, Xu added.
Secretary for Economy and Finance Lei Wai Nong addresses yesterday’s launch ceremony for the Macau Central Securities Depository (CSD) at the Services Platform Complex for Commercial and Trade Cooperation between China and Portuguese-speaking Countries in Nam Van. Photo: GCS
