Stock market plan gathers pace

Business | Avery Chen 14 Oct 2019

A proposal to establish a stock exchange in Macau and build a Nasdaq-like bourse in the offshore yuan market has been submitted to Beijing, said He Xiaojun, director of the Guangdong Local Financial Supervision and Administration Bureau.

He said the exchange would be a "gift," as Macau marks the 20th anniversary of its 1999 handover from Portugal to China.

He also expects the Guangzhou Futures Exchange to be approved by the end of the year, covering products related to carbon emissions.

Meanwhile, the Monetary Authority of Macau said it is conducting a feasibility study on launching a yuan-based securities market in Macau to match guidelines for developing the Greater Bay Area.

The authority said in June that the government is seizing the opportunity to drive the development of featured finance in Macau, including financial leasing, wealth management and yuan clearing between China and Portuguese-speaking countries.

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