Macao's government submitted a proposal to the Chinese central government to set up an offshore yuan-denominated securities exchange, the South China Morning Post reported Oct. 13, citing a senior official from China's Guangdong province.
Macao, a Chinese special administrative region, plans to create a Chinese version of Nasdaq, according to He Xiaojun, director of Guangdong's Local Financial Supervision and Administration Bureau. He said he expects the Chinese government to approve the plan by mid-December.
The Monetary Authority of Macao said a feasibility study for the proposed exchange was underway. The study was ordered by the Chinese central government in February as part of a development plan for the Greater Bay Area — a scheme to create an economic hub that incorporates Hong Kong, Macao, Guangzhou and eight others in Guangdong.