In order to promote trade and investment between China and Portuguese-speaking countries, exchanges and cooperation in the financial sector are crucial. At the 5th Ministerial Conference of Forum Macao held in 2016, the Central Government proposed a number of new measures to deepen Macao's role as a platform, including supporting Macao in developing itself as a financial services platform between China and Portuguese-speaking countries.
In order to implement the arrangements of the Central Government and the Macao SAR Government and give full play to Macao's role as a "financial services platform between China and Portuguese-speaking countries", the Monetary Authority of Macao has maintained long-term contact with the financial institutions of Portuguese-speaking countries, signed bilateral cooperation agreements with 11 financial institutions in eight Portuguese-speaking countries, and actively participated in various multilateral activities in the financial sector organized by Portuguese-speaking countries.
双边合作COOPERATION
The HKMA has signed co-operation agreements with the following financial institutions of Portuguese-speaking countries, covering various aspects such as regular meetings, seminars, exchange of supervisory matters, exchange of information, crisis management, professional training, technical support and financial research, and will carry out bilateral co-operation in an orderly manner in accordance with the agreement.
- National Bank of Angola
- Angolan Insurance Regulatory Authority
- Brazilian Superintendence of Private Insurance
- Bank of Cape Verde
- Central Bank of West African States (including Guinea-Bissau)
- Insurance Inspectorate of Mozambique
- Bank of Mozambique
- Portuguese Insurance and Pension Fund Authority
- Bank of Portugal
- Central Bank of Sao Tome and Principe
- Central Bank of Timor-Leste
The HKMA is currently negotiating with the central banks of Portugal, Brazil, Sao Tome, Timor-Leste, Mozambique and Cabo Verde to sign or renew the co-operation agreements, with the Governor of the Central Bank of Timor-Leste coming to Australia in April this year to sign the renewal agreement.
MULTILATERAL COOPERATION
The HKMA actively participates/organises various multilateral exchange activities in the financial sector of Portuguese-speaking countries, mainly including:
01
Meeting on the Management of Reserves of the Central Banks of Portuguese-speaking Countries
The HKMA held its second meeting in September 2023 and invited representatives from the Ministry of Finance and the People's Bank of China to attend the meeting to exchange views with representatives of the central banks of Portuguese-speaking countries on RMB asset allocation.
In addition to exchanging experience in reserve management, the HKMA also arranged for the participating officials to visit the China-PSC Platform Exhibition Hall and the two note-issuing banks in Macao, and to have a discussion with representatives from Portuguese-speaking countries from the Permanent Secretariat of Forum Macao.
02
"Lisbon Covenant"
The conference is an annual key exchange event between the central banks of Portuguese-speaking countries since 1991, and each year discusses and exchanges on the issues that are of most concern to the international community, especially the main items on the agenda of the annual meetings of the International Monetary Fund/World Bank, and the annual cooperation plan of the central banks of the Portuguese-speaking countries. The HKMA is invited to attend the event every year to strengthen its ties with the central banks of Portuguese-speaking countries.
03
The Statistical Conference of the Central Bank of Portuguese-speaking Countries is a biennial international statistical event. By participating in the relevant meetings, the HKMA has deepened co-operation and exchanges with the central banks of Portuguese-speaking countries in the field of statistics. In 2021, the HKMA hosted the 11th Session for the first time and participated in the 12th Session via video link in 2022.
According to the schedule, the 13th session will be hosted by the Central Bank of Sao Tome and Príncipe in 2024, with the participation of the HKMA.
04
ASEL Annual Meeting and General MeetingThe annual meeting and general meeting of the Association of Insurance Commissioners of Portuguese-speaking Countries (ASEL) mainly focused on regulatory issues such as insurance and private pension funds. The HKMA has been represented by staff over the years and hosted annual meetings in 2008 and 2015. In addition, the HKMA has been appointed by ASEL as a regulatory training institution and has collaborated with the Macau Institute of Finance and Finance to provide training courses for ASEL insurance regulators in Macao in 2018, 2019 and 2023 respectively.
In 2024, the HKMA plans to organise three financial events for Portuguese-speaking countries:
01
2nd Conference of Central Banks and Financiers of China and Portuguese-speaking Countries. Following the first meeting held by the HKMA in Macao in May 2019, with the support of the People's Bank of China and after soliciting the interest of the central banks of eight Portuguese-speaking countries, the HKMA plans to hold its second meeting in late September 2024, with the aim of bringing together representatives of central banking institutions and financial sectors from Chinese mainland, Macao and Portuguese-speaking countries to conduct in-depth exchanges on promoting financial co-operation between China and Portuguese-speaking countries and giving full play to Macao's role as a platform.
02
8th Conference on Banking Supervision of the Central Bank of Portuguese-speaking Countries. In accordance with the consensus reached at the 7th Conference on Banking Supervision of Central Banks of Portuguese-speaking Countries held in Timor-Leste, the HKMA has been selected to host the 8th Conference on Banking Supervision of Central Banks of Portuguese-speaking Countries in Macao in 2024, which is planned to be held concurrently with the 2nd Conference of Central Banks and Financiers of China and Portuguese-speaking Countries. In order to play Macao's role as a platform between China and Portuguese-speaking countries, the HKMA will invite officials from the Central Financial Department to Macao to share experiences and exchange views with representatives of the central banks of Portuguese-speaking countries.
3
21st General Meeting and 28th Annual Meeting of the Association of Insurance Regulators of Portuguese-speaking Countries (ASEL). After collecting views from ASEL members, the 2024 General Meeting and Annual Meeting will be hosted by the HKMA in late October. The theme of the conference will be the regulation of insurance and private pension funds, and the HKMA will also invite officials from relevant central ministries to attend the annual meeting in Macao.
The Macao SAR Government will continue to consolidate Macao's function as a financial service platform between China and Portuguese-speaking countries through continuous financial exchanges and co-operation, in line with the development of a modern financial industry, and the cultivation of new business formats such as the bond market, wealth management, financial leasing, offshore RMB clearing and settlement, investment and financing.
Information and photo sources: Government Information Bureau, Hong Kong Monetary Authority
Portuguese version
Multiple agreements + multilateral activities to create a platform for the provision of financial services between China and Portuguese-speaking countries in Macao
Cooperation and exchange in the financial area are key to promoting trade and investment between China and Portuguese-speaking countries, to this end, at the 5th Ministerial Conference of Forum Macau, held in 2016, a series of initiatives were announced by the Central Government to deepen Macau's role as a platform. one of which is to support Macau in the creation of a platform for the provision of financial services between China and Portuguese-speaking nations.
In order to implement the plan set by the Central Government and the Macao SAR Government, and to play Macao's role as a "platform for the provision of financial services between China and Portuguese-speaking countries", the Monetary Authority of Macao (AMCM) has been in contact with financial supervision institutions in Portuguese-speaking countries. having signed cooperation agreements with 11 financial supervisory institutions from eight Portuguese-speaking countries, and proactively participated in several multilateral activities in the financial area organized by these countries.
Bilateral cooperation
The Monetary Authority of Macao has signed cooperation agreements with the following financial supervision institutions in Portuguese-speaking countries, covering a wide range of elements, such as regular meetings, seminars, exchanges on supervisory issues, exchange of information, crisis management, professional training, technical support and research in the financial area. bilateral cooperation and exchange in accordance with the content of the agreements.
National Bank of Angola
Angolan Insurance Regulation and Supervision Agency
Superintendence of Private Insurance of Brazil
Bank of Cape Verde
Central Bank of West African States (including Guinea-Bissau)
Insurance Supervision Institute of Mozambique
Bank of Mozambique
Insurance and Pension Funds Supervisory Authority of Portugal
Bank of Portugal
Central Bank of Sao Tome and Principe
Central Bank of Timor-Leste
The Monetary Authority of Macao is currently negotiating the signing or renewal of cooperation agreements with the central banks of Portugal, Brazil, São Tomé and Príncipe, Timor-Leste, Mozambique and Cape Verde. Among them, the governor of the Central Bank of Timor-Leste will come to Macau in April to sign the new agreement.
Multimedia activities
The Monetary Authority of Macao has actively participated and held several multilateral exchange events in the financial area with Portuguese-speaking countries, namely:
1. Meeting on Reserve Management of the Central Banks of Portuguese-speaking Countries
In September 2023, the Monetary Authority of Macao organized the II Meeting on Reserve Management of the Central Banks of Portuguese-speaking Countries, inviting representatives of the Ministry of Finance and the People's Bank of China to participate in the exchange of RMB assets with representatives of the central banks of Portuguese-speaking countries. In addition to the exchange of experiences in booking management, participants also visited the Exhibition Pavilion of the Service Platform for Trade Co-operation between China and Portuguese-speaking Countries, as well as the two issuing banks in Macao. In addition, a meeting was held with the delegates of the Portuguese-speaking Countries at the Permanent Secretariat of Forum Macao for the purpose of exchange.
2. Lisbon Meeting
It is an event of great importance held regularly between the central banks of Portuguese-speaking countries since 1991, where discussions and views are exchanged on issues of major international interest, especially the main items on the agenda at the annual meetings of the International Monetary Fund/World Bank, as well as the annual financial cooperation projects between the central banks of Portuguese-speaking countries. Every year, the Monetary Authority of Macao is invited to attend the meeting in order to strengthen its ties with the central banks of Portuguese-speaking countries.
3. Meeting of Statistics of the Central Banks of Portuguese-speaking Countries
The event is an international statistical activity organized biannually. The Monetary Authority of Macao's Office takes advantage of its participation to deepen cooperation and exchanges in this matter with the central banks of Portuguese-speaking countries. In 2021, AMCM held the 11th meeting as organizer for the first time, and participated in the 12th meeting in 2022 via videoconference. As set out in the agenda, the 13th meeting will be organized by the Central Bank of São Tomé and Príncipe this year, and the AMCM plans to send staff to attend.
4. General Assembly and the Annual Conference of the Association of Lusophone Insurance Supervisors (ASEL)
The two events focus mainly on issues of supervision of insurance and private pension funds. AMCM was present every year and organized the annual conferences for the years 2008 and 2015. In addition, AMCM has been designated as a training institution by ASEL, and in 2018, 2019 and 2023, the AMCM has held training courses for ASEL supervisors at the Macao Financial Education Institute.
In 2024, the Monetary Authority of Macao will organize three financial events with Portuguese-speaking countries:
1. 2nd Conference of Central Bank Governors and Financial Staff between China and Portuguese-speaking Countries
Following the 1st conference held by the Monetary Authority of Macao in Macao in May 2019, the same entity plans to organize the 2nd conference at the end of September this year, with the support of the People's Bank of China and the consensus of eight central banks of Portuguese-speaking countries, with the aim of bringing together representatives of central banks and finance. from Mainland China, Macao and Portuguese-speaking countries to hold in-depth exchanges on promoting financial cooperation and playing Macao's role as a platform.
2. VIII Meeting on the Supervision of the Central Banks of Portuguese-speaking Countries
In accordance with the consensus reached at the VII Meeting held in Timor-Leste, the AMCM was selected as the organizer of the VIII Meeting. The meeting will be held in Macau, during the same period as the 2nd Conference of Governors of Central Banks and Financial Staff between China and Portuguese-speaking Countries. To play Macao's role as a Sino-Lusophone platform, the Monetary Authority of Macao will invite members of national ministries and financial commissions to share and exchange experiences with representatives of the central banks of Portuguese-speaking countries.
3. 21st General Assembly and the XXVIII Annual Conference of the Association of Lusophone Insurance Supervisors
Following the opinions of ASEL members, the 2024 General Assembly and Annual Conference will be organized by the Monetary Authority of Macao, with the central theme of the supervision of insurance and private pension funds, to which staff from the national ministries and commissions in this area will be invited to attend Macao.
The Macao SAR Government constantly conducts financial exchanges and cooperation with Portuguese-speaking countries, along with the development of the modern financial industry and new areas of activities, such as the bond market, wealth management, leasing, offshore RMB settlement, and investment and financing, so as to continuously strengthen Macao's role as a platform for providing financial services between China and the developing countries. Portuguese Language.
Source of information and photographs: Media Office and Monetary Authority of Macao.