PBoC opens up wealth management to Hong Kong and Macau
China looks to shore up Hong Kong’s status as a financial centre amid concerns over security crackdown
The People’s Bank of China is allowing qualified retail investors on the mainland to buy offshore wealth management products for the first time, in a collaboration with central banks in Hong Kong and Macau.
The three regulators unveiled the rules of the two-way scheme, dubbed Wealth Management Connect, on September 10, according to a PBoC statement.
Residents in nine southern cities in Guangdong province, including Shenzhen and Guangzhou, will be able to buy offshore funds, bonds, and make
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