Chinese authorities continue exploring the development of new fundraising centers with hopes for a Nasdaq-styled exchange for yuan-denominated securities in Macau to launch as soon as December.
These were the hopes of He Xiaojun, director of Guangdong’s Local Financial Supervision and Administration Bureau, who recently submitted proposals for the exchange. According to state media reports, He was quoted as pushing for a December launch as it marked a landmark date for Macau.
«[I]t is our expectation that new bourse could be placed on a gift list of the 20th anniversary [of the Macau handover],» He said.
Feasibility Study
In June, the Monetary Authority of Macau said it had commissioned a consultancy to carry out a feasibly study on the development of an yuan-denominated exchange in Macau. Over the weekend, the de facto central bank’s WeChat account issued a statement highlighting that the study would bring «Macau's advantages into full play and serve what the country needs» with considerations for the Greater Bay Area policy.
«Given mature financial centers nearby, Macau must fully understand its own advantages to break through in this sector and achieve [differentiated] development,» authorities said. They also noted that Shenzhen and Shanghai’s exchanges could not accommodate the 45,000 high tech firms in the Guandong area with only 600 currently listed.
