China will launch a pilot program to allow cross-border investment in wealth management products (WMPs) by residents in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), the central bank said Monday, reported Caixin.
The program will be the third cross-border investment system between the Chinese mainland and Hong Kong following the stock and bond connect programs. It will expand the connection scope to Macau for the first time.
Chinese mainland residents in the Greater Bay Area, including Guangzhou, Shenzhen and seven other cities in Guangdong province, will be allowed to open special investment accounts with banks in Hong Kong and Macao to buy qualified WMPs, while residents in Hong Kong and Macao can buy WMPs sold by mainland banks operating in the Greater Bay Area, the People’s Bank of China (PBOC) said in an online statement.