Macau studies yuan-based stock market planBusiness | 4 Jun 2019 3:36 pm
Macau is considering launching a yuan-based stock market to help it diversify away from gaming, its main source of revenue, and align the territory more with China’s growth plans for the Greater Bay Area.
Macau’s Monetary 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 need,” compared with established centers Hong Kong and Shenzhen.
The former Portuguese colony and now the world’s biggest casino hub, has struggled to shift its economy away from gambling where gross gambling revenue totaled US$38 billion in 2018. The gambling industry contributes to more than 80 percent of government revenues.
“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,” the Monetary Authority said.