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Frontiers of Economics in China

Front Econ Chin    2010, Vol. 5 Issue (4) : 604-621     DOI: 10.1007/s11459-010-0115-z
research-article |
A Synthesized Discussion on the Macao Monetary Reform
Xinhua Gu()
Faculty of Business Administration, University of Macau, Macao, China
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Abstract

The prolonged RMB appreciation affects Macao deeply and requires a major monetary reform without further delay. What we propose for Macao reform as an optimal choice includes shifting its monetary anchor to the strong RMB, revaluing its domestic currency to the original level, and setting up a sovereign wealth fund for autonomous growth. This proposal is based on Macao’s economic fundamentals such as trade competitiveness, business relations, real welfare, monetary stability, and genuine development. We also recommend a monetary union of Macao with Hong Kong as the 2nd-best choice of reform by introducing what we term the SAR dollar.

Keywords monetary reform      Macao      Hong Kong      the Mainland of China     
Corresponding Authors: Xinhua Gu,Email:xinhuagu1@yahoo.ca   
Issue Date: 05 December 2010
 Cite this article:   
Xinhua Gu. A Synthesized Discussion on the Macao Monetary Reform[J]. Front Econ Chin, 2010, 5(4): 604-621.
 URL:  
http://journal.hep.com.cn/fec/EN/10.1007/s11459-010-0115-z
http://journal.hep.com.cn/fec/EN/Y2010/V5/I4/604
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