The People's Bank of China (PBOC) said on Wednesday that the daily maximum remittance by Macao residents to their accounts in Chinese mainland will be raised to 80,000 yuan (11,428 U.S. dollars) from 50,000 yuan.

The measure will help meet Macao residents' needs to do RMB settlement and facilitate the economic, trade and personnel exchanges between Macao and Chinese mainland, said the PBOC in a statement.

It will be officially implemented later after the completion of technology preparations, the PBOC said. The PBOC will continue to support the development of Macao's economy, trade, investment and RMB business.

This year marks the 20th anniversary of the Macao Special Administrative Region's return to the motherland. Economic cooperation between Macao and Chinese mainland has entered a new stage in trade, investment and project cooperation.

Last year, trade volume between Macao and Chinese mainland reached 3.16 billion U.S. dollars, a 3.3-fold increase compared than 20 years ago, according to Chinese Ministry of Commerce.