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MNI BRIEF: China To Launch Wealth Mgmt, Bond Connect Soon-PBOC

MNI (Singapore)

China will soon officially launch the Wealth Management Connect as well as the southbound link of the Bond Connect to keep expanding channels for Hong Kong and Macau investors to invest in the mainland capital and bond markets, said Pan Gongsheng, deputy governor of the People's Bank of China at a briefing on Thursday.

Pan said that in the future, innovative cross-border yuan business will be piloted in Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, which will help to expand the depth of Hong Kong's offshore yuan business and consolidate its position as the world's largest offshore yuan market. MNI previously reported that China is likely to inaugurate both schemes 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; & MNI: China's Southbound Bond Connect To Fuel Dim Sum Demand

In addition, the PBOC said it will promote local governments to issue green municipal bonds in Hong Kong and Macau, strengthen cooperation in green bond assessment, and jointly initiate the establishment of the Guangdong-Hong Kong-Macao Greater Bay Area Green Finance Alliance, said Pan.

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