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Macau well-placed to withstand US-China trade war, government says

Newsdesk by Newsdesk
Mon 15 Oct 2018 at 07:14
Macau GGR on track to soar in June and beyond after slow May: analysts
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Macau has the financial resources and economic fundamentals to withstand any global fluctuations caused by ongoing trade tensions between China and the United States, according to the Monetary Authority of Macao (AMCM).

In a statement issued on Friday, the AMCM said it was closely monitoring developments in global financial markets in order to uphold the stability of Macau’s economy after ongoing concerns over China-US tensions and rising yields of US treasury bonds affected investor sentiment, causing the three major indexes of the US stock market to fall significantly.

“The Macao SAR Government has strong fiscal strength, good external financial position, a reliable linked exchange rate system and a sound financial system,” it stated in response.

“The Macao SAR Government and the local financial system have sufficient capacity to cope with fluctuations in the financial markets.”

Although admitting that Macau’s open economy means it is “unavoidably” affected by external factors, the AMCM added that “persistent economic growth, abundant foreign exchange reserves, prudent fiscal management and credible linked exchange rate system” reflected Macau’s strong economic fundamentals and ability to withstand external risks.

“Meanwhile, the Fiscal Reserve of Macao SAR has a balanced allocation of diversified assets, which helps to diversify investment risks – the overall investment portfolio can withstand a certain degree of market volatility,” it said.

The AMCM noted that US stocks had historically experienced significant fluctuations in different economic conditions, including the Dow Jones Industrial Average rising from around 16,000 points to a historical high of 26,828 points in October 2018, equivalent to a cumulative rise of 67.7%.

Reminding investors to manage their own risk exposure, it said the AMCM remained “ready to take necessary actions to safeguard the stability of the Macau economic and financial system.”

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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