China has moved a step closer towards a scheme that could result in tens of billions of dollars in household savings flowing into Hong Kong, marking the latest effort to integrate the country’s financial system into global markets.
The Wealth Connect programme will allow up to Rmb150bn ($23bn) to be invested in either direction between Hong Kong and mainland China, with a limit on individuals of Rmb1m ($155,000).
The scheme is set to be a milestone in the liberalisation of China’s strictly-controlled financial system, as it would make it much easier for part of the country’s vast pool of savings to be invested outside its borders.
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