China set an initial quota of 150 billion yuan for transactions under its Wealth Management Connect scheme that links southern Guangdong province with offshore centres Hong Kong and Macau, according to draft rules published on Thursday.
The cross-border pilot scheme, announced a year ago, allows residents of the two offshore centres and those in nine cities in Guangdong to buy financial products in the other markets.Net cash flows in either direction must not exceed 150 billion yuan and the individual investment quota is 1 million yuan, according to draft rules published by China's central bank.
The initiative is also part of China's drive to open up its capital account and financial markets, the Shenzhen central sub-branch of the People's Bank of China said.
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