China on Sept. 10 launched a new link between the financial systems of Hong Kong, Macau and nine cities in the neighbouring Guangdong province. The so-called Wealth Management Connect will allow Hong Kong-based banks to sell products directly to qualified mainland investors in the region, known as the Greater Bay Area, and vice versa.
The cross-border scheme will initially allow up to 150 billion yuan to flow each way across the border, according to the Hong Kong Monetary Authority. Developing the Greater Bay Area, home to more than 70 million people, is one of Beijing’s priorities as it works to integrate Hong Kong and Macau more closely with the mainland.Shenzhen River, the border river that divides Hong Kong and Shenzhen is seen from Shenzhen, China, October 22, 2019.
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