Launch of Wealth Management Connect: Greater Bay Area with $1.64 trillion GDP and Population of 71.2 million
17th September 2021 | Hong Kong
The Hong Kong Monetary Authority (HKMA) and People’s Bank of China (PBOC) has announced the official launch of Wealth Management Connect in the Greater Bay Area (GBA), comprising of Guangdong, Hong Kong and Macao with total GDP of $1.64 trillion and population of 71.2 million people. The Wealth Management Connect was proposed to allow investors between Mainland China and Hong Kong to open banking & investment accounts, invest in stocks & bonds, purchase financial products and remit renminbi (RMB / CNY) & foreign currencies. In May 2021, Central Bank of China and China regulators have set a net cashflow movement between Mainland China and Hong Kong to not exceed $23.2 billion (CNY 150 billion) while the individual investor investment quota is set at $155,000 (CNY 1 million).
“ Launch of Wealth Management Connect: Greater Bay Area with $1.64 trillion GDP and Population of 71.2 million “
Chief Executive of the HKMA, Eddie Yue:
“The official launch of the Cross-boundary WMC marks another encouraging development of financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). Individual investors in the three places will be able to make use of the convenient channel provided by the Cross-boundary WMC to invest in more diversified wealth management products across the boundary. The scheme will not only offer more investment options for individual GBA investors but also create new opportunities for the banking and wealth management industry in the three places.
In addition, it will promote the cross-boundary circulation and use of the renminbi (RMB), thereby further consolidating Hong Kong’s role as the global hub for offshore RMB.”
- FAQ: Cross-boundary Wealth Management Connect in the Guangdong-Hong Kong-Macao Greater Bay Area
- The Official Announcement
- China Regulators Set $23.2 Billion Quota for Greater Bay Area Wealth Management Connect
- Hong Kong Financial Services Council Releases Report on Financial Connectivity in Greater Bay Area & Guangdong, Hong Kong and Macao
- HSBC & Nielsen Survey: 82% of China GBA Mainland Investors to Invest in Wealth Management Connect