China launches Wealth Management Connect pilot scheme in Greater Bay Area
The Wealth Management Connect (WMC) pilot scheme facilitating the purchase of wealth management products (WMPs) in the Guangdong-Hong Kong-Macao Greater Bay Area was launched on Friday.
The People's Bank of China (PBOC) said in a statement that the implementation details for the WMC were promulgated on the same day by Guangdong Province, the Hong Kong Special Administrative Region (SAR) and the Macao SAR.
Individual investors in the three places will be able to make use of the new channels to make cross-boundary investments in a wider range of WMPs.
On June 29 last year, the PBOC, the Hong Kong Monetary Authority and the Monetary Authority of Macao jointly announced the decision to implement the WMC.
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