HONG KONG/SHANGHAI, June 29 (Reuters): China announced details of a long-anticipated pilot scheme on Monday linking up investment of wealth management products in Hong Kong and Macau with neighbouring cities, to further integrate the semi-autonomous economies with the mainland.
"Wealth Management Connect" will allow residents of the two offshore centres and those in nine cities on the mainland - which together form the"Greater Bay Area" - to buy such products in each other's markets.
It reflects"solid backing" from Beijing and that"Hong Kong continues to play a leading role in the country's economic development and opening up of financial markets," the city's leader Carrie Lam said in a statement. Cross-boundary remittances in the scheme will be conducted in yuan and currency conversions will be done offshore, the statement said, adding the pilot's official launch date would be announced later.
Similar 'Connect' links quickly became major channels for global investors trading Chinese bonds and shares after they were launched in recent years, boosting the yuan's use.
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