Bank Of China to Act as Cashier of Macao TreasuryBeginning from May the Macao Branch of the Bank of China will join the Macao Branch of Portuguese Banco Nacional Ultramarino to act as the cashier of the treasury of the Macao Special Administrative Region (SAR) of China.Francis Tam Pak Un, secretary for economy and finance of the Macao SAR government, signed related contracts Friday respectively with Zhu Chi and Herculano J. Sousa, general managers of the Chinese and Portuguese banks. The Portuguese bank has been the only cashier of treasury of Macao. In accordance with a summary of talks signed by the Sino- Portuguese Joint Liaison Group in July 1994, the Macao SAR government would have the right to decide whether the Portuguese bank should continue to be cashier of the region's treasury. After its inauguration on December 20 last year, the Macao SAR government set up a special working group to study the tellership of the regional treasury and put forward suggestion to the chief executive of the SAR. The chief executive issued a decree recently that both banks will act as cashiers of SAR's treasury beginning from May. |
| Please visit People's Daily Online --- http://www.peopledaily.com.cn/english/ |