On 14 December 2009 The People's Bank of China expanded the scope for banks to conduct personal Renminbi banking services and cross-border Renminbi trade settlement businesses in Macau.
Going forward, Macau residents are allowed to:
- exchange the equivalent of RMB20,000 per person per day; and
- write Renminbi-denominated cheques up to a limit of RMB50,000 per account per day for purchases in the Guangdong province, provided they have local Renminbi bank accounts.
Companies engaged in communications, educational services and conference and the exhibition business will also be regarded as "designated merchants" permitted to engage in Renminbi business in Macau.
The new measures will be implemented in stages when technical arrangements are in place.