PBOC seeks views on WMP pilot By CHEN JIA | CHINA DAILY | Updated: 2021-05-08 07:21 Employees of Industrial and Commercial Bank of China in Macao help a local resident carry out a transaction. ZHONG XIN/CHINA NEWS SERVICE
The People s Bank of China, the central bank, on Thursday released a document with fresh details, including quotas, on the proposed Greater Bay Area Cross-Boundary Wealth Management Connect and sought public feedback on the same.
The WMC is a pilot program that proposes to facilitate residents of the GBA, which spans nine cities in Guangdong province, and Hong Kong and Macao, to make cross-boundary investment in wealth management products, or WMPs, distributed by banks in the GBA.
From:ChinaDaily | 2021-05-08 07:21
The People s Bank of China, the central bank, on Thursday released a document with fresh details, including quotas, on the proposed Greater Bay Area Cross-Boundary Wealth Management Connect and sought public feedback on the same.
The WMC is a pilot program that proposes to facilitate residents of the GBA, which spans nine cities in Guangdong province, and Hong Kong and Macao, to make cross-boundary investment in wealth management products, or WMPs, distributed by banks in the GBA.
What is noteworthy in the document is the proposed aggregate quota of 150 billion yuan ($23.22 billion) and a limit of 1 million yuan per person for cross-boundary WMP investments in the GBA.
Two-way opening-up of financial market will be bolstered By CHEN JIA | China Daily | Updated: 2021-01-23 08:07 Share Currencies of different countries. [Photo/Sipa]
China s foreign exchange regulator highlighted specific measures on Friday to further promote two-way opening-up of the financial market, mainly through steadily freeing up cross-border capital flows and improving the renminbi exchange rate regime.
Based on a generally stable balance of payment in 2020, the State Administration of Foreign Exchange plans to expand the scale of the Qualified Domestic Limited Partner plan this year. The plan allows domestic investors to access more foreign assets.
It will also continue to approve quotas of the Qualified Domestic Institutional Investor plan, another program for outbound investment, according to Wang Chunying, deputy head and spokeswoman for SAFE.
China s QDII approved quotas surpass 120 bln U S dollars shanghainews.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from shanghainews.net Daily Mail and Mail on Sunday newspapers.
Yuan internationalisation season re-opens
Beijing has a golden window to revive its stalled yuan internationalisation process. A recovering economy and rallying renminbi clear the way for reformers to liberalise further, provided conservatives let them.
A heavy reliance on dollars for trade, finance, and for its own reserves leaves the world’s largest exporter overexposed to policies set in Washington. As that diplomatic relationship has frayed, the White House has overtly threatened sanctions requiring Chinese financial institutions to cut ties with blacklisted individuals, including Hong Kong leader Carrie Lam. That would put targeted mainland lenders in the same boat Iranian and North Korean peers are in. Lam is now receiving her salary in cash.