The Macao dollar (MOP) will be accepted in major cities in Guangdong Province starting from 2 September.

The president of the Monetary Authority of Macao, Mr. Anselmo Teng, and the president of the Bank of China (BOC), Liu Mingkang, today (28 August) signed a memorandum on behalf of the two parties.

The memorandum, which was signed in the Office of Beijing in the Macao SAR, aimed to increase the use of the Macao dollar in China.

With the approval of BOC and the People's Bank of China, the Monetary Authority will convert between MOP and Renminbi (REM) starting next Monday. Most bank branches in major cities in Guangdong province will accept the currency of Macao.

Meanwhile, the authority will promote use of the Macao dollar to residents of the Mainland.