The Monetary Authority of Macao (AMCM) has refined its bond repurchase measures and introduced a specialised renminbi (RMB) foreign exchange swap programme to improve local banks’ access to MOP and RMB liquidity and support liquidity management. The package follows the expansion of the permanent RMB/MOP swap agreement between the People’s Bank of China and AMCM to RMB 50 billion (MOP 57 billion). Under the bond repurchase framework launched in early 2023, an “RMB Funds Facilitation Mechanism” with a relatively longer tenor has been added, and eligible bonds held through the direct linkage between Macao’s Central Securities Depository (CSD) and Hong Kong’s Central Moneymarkets Unit (CMU) can now be used for repurchase operations. The new RMB swap project allows local banks to swap RMB against HKD or USD to diversify RMB funding channels and enhance offshore RMB liquidity in Macao. AMCM and Central de Depósito e Liquidação de Valores Mobiliários de Macau Sociedade Unipessoal Limitada (MCSD) have held an online briefing on the measures attended by more than 30 local banks, and AMCM indicated it will continue conducting money market operations using a range of monetary management instruments.
Monetary Authority of Macao 2026-01-02
Monetary Authority of Macao optimises bond repurchase measures and introduces a specialised RMB FX swap programme
The Monetary Authority of Macao has refined its bond repurchase measures and introduced a specialised renminbi (RMB) foreign exchange swap programme to enhance local banks' access to MOP and RMB liquidity. This initiative follows the expansion of the RMB/MOP swap agreement with the People’s Bank of China to RMB 50 billion and includes an RMB Funds Facilitation Mechanism and new swap options for local banks.