China announced details of a long-anticipated pilot scheme on Monday linking up investment of wealth management products in Hong Kong and Macau with neighboring cities, to further integrate the special administrative regions with the mainland.
“Wealth Management Connect” will allow residents of the two offshore centers and those in nine cities on the mainland, which together form the Greater Bay Area, to buy such products in each other’s markets.
Chinese mainland residents in the Greater Bay Area will be allowed to open special investment accounts with the banks in Hong Kong and Macau to buy their qualified wealth management products, while residents in Hong Kong and Macau can buy WMPs sold by mainland banks operating in the Greater Bay Area, the People’s Bank of China said in an online statement.
Read more in Shanghai Daily
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