BEIJING -- The People's Bank of China and the Monetary Authority of Macao on Monday signed a memorandum of understanding on a cross-border payment connect between the Chinese mainland and Macao, according to the country's central bank.

Both sides will deepen exchange and cooperation on cross-border payment connectivity, and enhance the efficiency and quality of cross-border payment services, aiming to promote economic and trade activities, as well as the exchange of personnel between the Chinese mainland and Macao.