Chief Executive of China's Hong Kong Special Administrative Region Carrie Lam and other guests attend the launch ceremony of the Cross-boundary Wealth Management Connect in the Guangdong-Hong Kong-Macao Greater Bay Area in Hong Kong, Sept. 10, 2021. (Xinhua/Wang Shen)
BEIJING, Oct. 20 (Xinhua) -- The first batch of pilot banks under the Cross-boundary Wealth Management Connect in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) started sale of personal cross-boundary investment products from October 19, reported Xinhua Finance on Wednesday.
In total, 21 banks from Chinese mainland,19 banks from Hong Kong and seven banks from Macao rolled out diversified personal cross-boundary investment products, which attracted individual investors from Guangdong, Hong Kong and Macao to participate on Tuesday.
The Cross-boundary Wealth Management Connect in the GBA is a pilot scheme launched on September 10 and contains southbound connect and northbound connect. It allows residents in Guangdong to purchase qualified investment products sold by banks in Hong Kong and Macao and residents in Hong Kong and Macao to buy qualified investment products offered by banks in nine GBA cities in Guangdong.
On October 19, 308 cross-boundary remittance deals were concluded under both the southbound connect and northbound connect, involving aggregate investment of 33.12 million yuan.
Statistics with the Guangzhou Branch and Shenzhen Central Sub-branch of the People's Bank of China (PBOC) showed that agent banks in nine GBA cities in Guangdong handled 180 deals of investment capital remittance totaling 15.39 million yuan under the northbound connect for investors from Hong Kong and Macao on Tuesday.
Hong Kong and Macao agent banks coped with 128 deals of investment capital remittance grossing 17.73 million yuan for investors from nine GBA cities in Guangdong.
In Hong Kong, 18 banks from Hong Kong conducted related business with their bank partners in nine GBA cities in Guangdong, of which 15 ones provided services both for the southbound connect and northbound connect and the remaining three ones provided services under the southbound connect.
On Tuesday, Monetary Authority of Macao announced that the first batch of seven banks have all carried out related business under the Cross-boundary Wealth Management Connect in the GBA.
(Edited by Duan Jing with Xinhua Silk Road, email@example.com)