New channels on the way for mainland investors: PBOC
China will soon launch the Cross-Boundary Wealth Management Connect and start southbound trading on the Bond Connect, establishing new channels for investors in the mainland to buy financial products in Hong Kong and Macao, the central bank's deputy governor said on Thursday.
China has launched pilots for residents in Hong Kong and Macao to open settlement accounts in banks from the mainland, and the scale and the settlement volume of the financial institutions will be further expanded, said Pan Gongsheng, deputy governor of the People's Bank of China.
The central bank will also take measures to facilitate the use of mobile electronic payment for residents in Hong Kong and Macao. New services include direct payment of cross-boundary electronic bills and self-service query of personal credit report, according to Pan, also the head of State Administration of Foreign Exchange.
In terms of green financial cooperation, the central bank is promoting local governments to issue green municipal bonds in Hong Kong and Macao and strengthen cooperation between green bond evaluation and certification institutions in the Guangdong-Hong Kong-Macao Greater Bay Area. A green financial alliance will be established in the area, the central bank official added.
