Professor Siekmann, you have also undertaken extensive work on non-standard monetary policy – for instance, most recently, concerning the ruling of the Federal Constitutional Court on the public sector purchase programme (PSPP) of May this year. It’s no secret that you hold a critical view of the Eurosystem’s asset purchases. But I don’t (Tonne) want to give away too much. Footnotes: 1.
The Yuan continued to appreciate against US Dollar which gave rise to depreciation of the Pataca against the Yuan. It fueled the pressure on inflation in Macao. Against such a backdrop, AMCM adhered to rules of currency board and link rate, maintained the relative stability of the Pataca, which facilitated stable operation of the Macao economy. AMCM promotes actively cross border financial cooperation.