Shenzhen’s 24 banks have opened 12,560 accounts under a pilot program that allows cross-border investment in wealth management products (WMPs) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), China’s banking regulator said, reports Caixin.
Account holders wired RMB 404 million ($60 million) of cross-border funds and made RMB 237 million of transactions, Zhang Lixing, chief of the Shenzhen Bureau of the China Banking and Insurance Regulatory Commission (CBIRC), said Tuesday at a press conference.
There is a difference in product preferences between southbound and northbound investors, Zhang said. Hong Kong and Macao investors normally prefer wealth management products, while mainland investors prefer bank deposits.