Macao's Forex Reserves Grow in 2001

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Last updated at: (Beijing Time) Tuesday, February 19, 2002

Macao's Forex Reserves Grow in 2001

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China's Macao Special Administrative Region (SAR) has reported a better-than-expected increase in foreign exchange reserves despite flagging economy and financial market worldwide and continuous bank interest cuts in 2001.

The figure rose 5.6 percent year on year to 28.2 billion patacas (3.53 billion U.S. dollars) at the end of last year, according to the Macao Monetary Authority. The authority's president Anselmo Teng said stable and healthy investment strategies were adopted to deal with the reserves last year.

The optimistic outlook of Macao's economy will be a boon to thebanking business as a whole this year, Teng notes, quoted by Tuesday's Macao Daily News, citing that the economic layout of theSAR government is clear and the liberalization of the gaming industry will push up tourism growth.

The Macao Monetary Authority has been poised to establish a market supervision mechanism up to international standard, manage the foreign reserves more cautiously and develop Macao into a financial service center step by step.

According to Teng, greater efforts will be exerted to fight money laundering activities, amid coalition with international units and other departments of the SAR government. Macao is a member of the Asia/Pacific Group on Money Laundering.

Macao's forex reserves stood at 26.7 billion patacas (3.34 billion U.S. dollars) on December 31, 2000, up as much as 16 percent from a year earlier.

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