Hong Kong to enhance cross-border transfers for residents who work, live in mainland China

Quick Summary:

Hong Kong’s monetary authority plans to sign an agreement with the Chinese central bank to find ways to enhance cross-border remittance services to make it easier for Hongkongers who work or retire on the mainland.

HSBC, Hong Kong’s biggest lender, has been involved in the pilot scheme.

The remittance limit, or quota, will be decided by the State Administration of Foreign Exchange (SAFE), while the PBOC and the HKMA work out ways to make the remittance process easier, akin to the relaxation announced in February to facilitate fund transfers for buying property, said the HKMA’s deputy chief executive Darryl Chan.

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Article Details

Author / Journalist: Enoch Yiu

Category: Business

Markets: Hong KongChinaMacau

Topics: Executive Hong Remittance Bank Credit Mainland Information Kong Cross-border Scheme Hongkongers

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-28 @ 19:08:13 (2 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 686 words

Reading Time: 4 minutes read

Sentences: 15 lines

Sentence Length: 46 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21409442

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