The rising renminbi can benefit the Macau manufacturing industry, says Antonio Chui Yuk Lum, vice-chairman of the board of directors of the Macau Industrial Association. According to Mr Chui, the higher renminbi is reducing profits for local businessmen that have transferred their factories to mainland China. This is because export invoicing is done in US dollars, while operational costs are paid in renminbi, he said, quoted by Macau Post Daily. Mr Chui also noted that eventual anti-dumping measures applied to China by foreign countries would also not affect Macau-made products. “In due course, these investors may switch their investments from the mainland to Macau. This is giving Macau’s manufacturing sector a second chance,” he said. Macau’s currency, the pataca, is indirectly linked to the US dollar.
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