It was formerly known as the "Monetary and Foreign Exchange Authority of Macau" (Autoridade Monetaria e Cambial de Macau, AMCM, in Portuguese), which had been created on July 1, 1989)
Macau's economy has remained one of the most open in the world since its reversion to China in 1999.
Although Macau was hit hard by the 1997-98 Asian financial crisis and the global downturn in 2001, its economy grew 10.1% in 2002, 14.2% in 2003, and 28.6% in 2004.
In the second half of the 20th century, Macau's economy was diversified with the development of light industry, the influx of migrants from mainland China to serve as a labor force, and increased tourism.
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