BEIJING, March 24 (Xinhua) --The Wealth Management Connect (WMC) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) saw 24,400 individuals investing 673.76 million yuan (about 105.7 million U.S. dollars) as of Feb. 28, according to the latest data from the People's Bank of China Guangzhou Branch.
According to the statistics, 855 new investors participated in the scheme in February, with 590 transactions amounting to over 78 million yuan, among which 591 investors from the Hong Kong and Macao special administrative regions (SAR) participated in the North-bound Scheme, involving 424 transactions totaling 23.37 million yuan. The Southbound Scheme attracted 264 new mainland investors, with 166 transactions amounting to 54.63 million yuan during the same period.
The scheme allows Hong Kong and Macao residents to buy yuan-denominated wealth management products through banks in the GBA, while residents of nine cities in Guangdong province can invest in Hong Kong and Macao wealth products through local lending institutions.
In February, the transaction between Shenzhen and Hong Kong and Macao totaled 27.19 million yuan, accounting for 34.85 percent of the total remittance amount, while the rest eight cities saw their transactions with Hong Kong and Macao add up to 50.82 million yuan, accounting for 65.15 percent of total remittances.
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)
Officially launched in September 2021, the WMC scheme is a major policy breakthrough in facilitating individuals in the Greater Bay Area making cross-boundary investment as well as an important move and innovative arrangement for promoting mutual access between the financial markets in the area.
(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)
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