Free Trial

MNI BRIEF: China Wealth Management Connect Officially Launched

MNI (Singapore)

China officially launched the long-awaited cross-border Wealth Management Connect pilot scheme Friday, according to a statement on the People's Bank of China website, and will now look to continue supporting the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, promoting the innovative opening up of the domestic financial market in key regions, said Pan Gongsheng, PBOC Deputy Governor at the launch ceremony.

Such a cross-border investment scheme will allow Hong Kong and Macau residents to buy wealth management products sold by banks in the Greater Bay Area. Similarly, residents in nine cities across China's southern Guangdong province included in this economic cluster will be allowed to buy products sold by banks in the two special administrative regions.

MNI previously reported that China is likely to inaugurate the scheme in the second half of the year, as moves to further open the Chinese capital account. See: MNI: H2 Start For China Wealth Management Connect To HK, Macau;

True
True

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.