Editing Economy of Macau (section)

==The monetary system==
[[Image:Bnu-tower01.jpg|thumb|160px|right|BNU Tower in Macau.]]
Macau adopts the so-called [[Currency board|currency board system]] under which the [[legal tender]], [[Macanese pataca|pataca]] (MOP), is 100 percent backed by foreign exchange reserves, the [[Hong Kong dollar]] (HKD). Moreover, the currency board, [[Monetary Authority of Macao]] (AMCM), has a statutory obligation to issue and redeem pataca on demand against Hong Kong dollar at a fixed exchange rate and without limit. The pataca is pegged to the Hong Kong dollar at a rate of 1.03 MOP per HKD, which is maintained by the AMCM.<ref name="pataca history">{{cite web|url=http://www.amcm.gov.mo/history/pataca_info.htm|title=The history of pataca|publisher=Monetary Authority of Macao|access-date=4 January 2008|url-status=dead|archive-url=https://archive.today/20121220090641/http://www.amcm.gov.mo/history/pataca_info.htm|archive-date=20 December 2012}}</ref>

Each pataca divides into 100 avos. Coins are issued in 10, 20, and 50 avos and 1, 2, 5, and 10 patacas (2 and 10 patacas coins are rarely used in the territory); notes are in 5, 10, 20, 50, 100, 500, and 1000 pataca denominations. Hong Kong dollar is freely used and accounts for more than half of the total deposits in Macau's banks.<ref>Chan, 39</ref> In addition, [[Chinese yuan]] is also widely accepted. Two banks issue currency: the [[Banco Nacional Ultramarino]] and the [[Bank of China]] (starting from October 1995).
The historical exchange rates between the pataca and the US dollar (USD) are given below.
{|class="wikitable"
! MOP per USD !! Period
|-
|8.01 || 2000
|-
|7.99 || 1999
|-
|7.98 || 1998
|-
|7.99 || 1997
|-
|7.962 || 1996
|-
|8.034 || 1993–95
|}