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Bond listings in Macau hit record US$28 billion; similar trend seen for 2025

Bonds issued and listed on the Chongwa (Macao) Financial Asset Exchange surged 46 times this year compared with US$600 million in 2018

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Macau is making an effort to diversify its tourism and casino-dominated economy. Photo: Eugene Lee
Bond issuance in Macau reached an all-time high in 2024 amid the government’s effort to diversify its economy from its core casino business and Beijing’s bid to broaden the yuan’s international appeal, according to analysts.
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A total of US$28.1 billion of bonds were listed on the Chongwa (Macao) Financial Asset Exchange, the local bourse in the former Portuguese colony, according to Bloomberg data. The value of bond issuance was 46 times more than the nearly US$600 million recorded in 2018 when the exchange was established.

“The strong data shows Macau has made great progress in developing its financial market with a focus on bond issuance,” said Tom Chan Pak-lam, honorary president of the Institute of Securities Dealers. “The trend is likely to continue in the coming years as Macau continues to diversify its economy in finance, technology, entertainment and healthcare.”

Hong Kong has a vital role in Macau’s bond market development. In September, the Hong Kong Monetary Authority announced a plan to link its bond clearing unit, Central Moneymarkets Unit, with the securities depository in Macau.

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Benjamin Chan, chairman of the Monetary Authority of Macau, said the link would “enable Macau to further leverage its role as a gateway between China and Portuguese-speaking countries”.

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