PBOC, HKMA boost cross-border financial coordination
The People's Bank of China and the Hong Kong Monetary Authority (HKMA) have announced new measures to strengthen cross-boundary financial coordination. Speaking to reporters after the Asian Financial Forum, HKMA chief executive Eddie Yue said one of the measures is to expanding the e-CNY pilot scheme, further boosting the use of digital currency. Also, a pilot scheme for cross-boundary wealth management connect in the Greater Bay Area (GBA) will be introduced, and the HKMA will be able to incorporate more RMB bonds into its RMB Liquidity Facility. Another measure is to allow Hong Kong residents to use a more convenient payment method to purchase property in the GBA. "The measures will strengthen Hong Kong's status as an international financial centre and offshore RMB business hub. They will also further facilitate the connection of capital, data and financial markets in the Greater Bay Area," Yue said. Financial Secretary Paul Chan said the SAR government welcomed these new measures, adding that they can enhance Hong Kong's unique advantage in connecting the mainland with global markets.