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and said that none of their counterparts were at that time present in Macau to whom they could go. They intimated that the contract should not be signed in view of the Bank of China's eventual interest in participating in the system. The Acting Governor reported the matter to Lisbon and this led to a meeting of Portuguese ministers at which Mr Melancia attended.
A few days later, the Macau government went ahead and signed the contract with the BNU to act as its agent in issuing patacas and in assuming the duties of custodian of government
revenue.
Last Friday, the Bank of China in Macau condemned the Macau government in stronger terms than I have ever seen used by the Chinese against the Macau authorities, strong as other terms which the Chinese authorities have often used to
In a express their displeasure in Macau. press release, the Bank of China declared that the new law institutionalised the choice of the Macau government and this was an intransigent act which went into force in a trice. The Bank of China noted that from the moment the BNU becomes the direct agent in the territory for issuing money, the financial and monetary structure of Macau suffered a great change. The Bank of China rejected the criticisms expressed by the Secretary for Economic Affairs, Mr Galhardo Simoes in respect to what he said about the position of the Bank of China in this matter. It considered them irresponsible and without foundation.
The bank was bewildered and in no way accepted the manner in which the irresponsible and unfounded accusation was made. As far as it was concerned the accusation made by the member of the government on television did not stand on any valid reason and, as such, the bank could not accept it.
The press release went on to denounce the Macau government for never having consulted the Association of Banks on the changes introduced, and stated that the bank retained their share in the responsibility for the financial and economic development of Macau.
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