The first anniversary of the pilot operation of "cross -border financial management": more than 32,000 people have participated in the depth of the depth and there is a lot of room for expansion

Reporter Liu Qi

On September 10, 2021, the "Implementation Rules for the Implementation of the" Cross -border Financial Management "Business Pilot of the Guangdong -Hong Kong -Macao Greater Bay Area" was officially released, marking the official sailing of the "Cross -border Financial Management" pilot. Today, the "cross -border financial management" pilot has been stable for a year.

The "cross -border financial management" pilot not only broaden the cross -border investment channels of residents in the Greater Bay Area, but also provides a favorable opportunity for deep cooperation between domestic and foreign banks. It has a milestone significance. Since the pilot of "cross -border financial management", the number of participants and the amount of remittances is steadily increasing. According to the data released by the People's Bank of China Guangzhou Branch, as of the end of July, over 32,000 people participated in the "cross -border financial management", with funds exceeding 1.1 billion yuan.

Looking forward to the future on the first anniversary, the pilot banks interviewed by a reporter from the Securities Daily have more hopes. For example, in the future, it is necessary to further expand the depth and breadth of "cross -border financial management", expand the scope of investment products, and gradually relax the scope of investment products, and gradually relax them. Elimination, etc., so that more investors can participate.

Bei Xiangtong participates in more enthusiasm

On October 18 last year, the Guangzhou Branch of the People's Bank of China and the official website of Shenzhen Zhongzhi announced the first batch of pilot banks of the "Cross -border Financial Management" that completed the report. Opening the market on October 19, the first batch of "cross -border financial management" was implemented. On the same day, the mainland sales bank remitted 180 investment funds for "Northbound" investment funds for Hong Kong and Macao investors, with an amount of 15.387 million yuan. Mainland Cooperation Bank linkages Hong Kong and Macao Sales Bank to handle 128 investment funds for "south direction" for investors in the Greater Bay Area, with an amount of 17.733 million yuan. In the first month of opening, the cumulative business scale of cross -border financial management exceeded 200 million yuan.

According to the latest data released by the Guangzhou Branch of the People's Bank of China, as of July 31 this year, the Guangdong -Hong Kong -Macao Greater Bay Area participated in the total of 32,542 individual investors, including 22,222 Hong Kong and Macao investors, and 10,320 mainland investors It involved 11,805 cross -border exchange for related funds, with an amount of 1.191 billion yuan.

In terms of positions, as of July 31, individual investors participating in "cross -border financial management" purchased the market value of investment products was 386 million yuan. Among them, under the north direction, Hong Kong and Macao individual investors hold the market value of domestic investment products of 214 million yuan, including 160 million yuan in wealth management products and 54 million yuan in fund products; The market value balance of the product was 172 million yuan, including investment funds of 017 million yuan, bonds of 01 million yuan, and deposit of 154 million yuan.

From the above data, it is not difficult to find that since the development of the pilot business, on the one hand, the number of participants and the amount of foreign exchange is growing steadily; on the other hand, the number of participants in the north is higher than the south, and the north -south direction of investors' preference for investment products on investment products is There are also obvious differences -northbound investors prefer wealth management products, and investors in the south are more popular with deposits.

Chen Qingyao, deputy governor of HSBC China and general manager of the Greater Bay Area Office, said in an interview with the Securities Daily that the "cross -border financial management" business pilot of the Guangdong -Hong Kong -Macao Greater Bay Area has been launched for one year The number of participants, the amount of remittances, the number of pilot banks is steadily increasing, reflecting that the economic integration of the Greater Bay Area is continuously driving the increase in cross -border investment in residents in the area in the Greater Bay Area.

For the differences between the preferences of the North and South, Min Cheng, the director of investment products and investment consultants of Standard Chartered China Fortune Management Department, told the Securities Daily that since this year, the Federal Reserve ’s interest rate hikes, geopolitical conflicts, and epidemics have given It brought a great impact. In addition, in the early days of the "cross -border financial management", investors first tried and chose more stable investment varieties, which is the main factor that forms the current product preferences.

The bank turns the difficulty point into the power point

"The" Cross -border Financial Management "pilot has been running relatively smoothly since the overall operation, which has been welcomed by market entities." Su Shi, deputy governor of the Guangzhou Branch of the People's Bank of China, previously evaluated at the 2022 Tsinghua Wudaokou Global Financial Forum -Guangzhou Summit (Seventh) road.

However, Su Yan said that the "cross -border financial management" pilot process also faces some difficulties and challenges, mainly manifested in the following aspects: First, the repeatedly affects investors' enthusiasm and normal business handling of the new crown pneumonia. The scale of "cross -border financial management" is restricted. Second, the global economic growth is sluggish, the financial market fluctuates, and the increasing rate of increasing the rate of returns of wealth management products has also affected investors' expectations for the market. Third, investors need a process of transaction rules and investment habits. At present, some potential investors still maintain "watching" because they are unfamiliar with operation. Fourth, the possibility of "cross -border financial management" disputes will not be ruled out in the future, and effective communication between banks and investors is very important.

The pilot banks have a deeper experience in the difficulties and challenges of the "cross -border financial management" pilot. Min Cheng gave a few examples. For example, the current qualifications of "South Tongtong" and "North Tongtong" are mostly as low as non -complicated products with risks, and the range of selection is relatively limited. "We noticed that a considerable number of customers in the Greater Bay Area have accumulated a certain amount of investment experience, and have a higher and more diverse demand for asset allocation than customers in other regions. Looking forward to the maturity of the wealth management business operation, the regulatory authorities can be able to be able to operate. Further consider expanding the scope of qualification products, and further enrich the diversified asset allocation plan of high -net -worth customers. "In addition, because of some objective factors, some of the potential willingness to be potentially willing can not visit the mainland outlets to open an account. Min Cheng said that in order to further conveniently open an account in the north, the bank is currently actively preparing to apply for the "Hong Kong Witness to Witness to Open the Mainland RMB II Household" service from the regulatory supervision, and has prepared according to the system and process. I look forward to being approved to be approved After the service pilot, the service is launched as soon as possible, bringing more convenient cross -border personal financial services to the "Life Circle" of the Greater Bay Area.

The proportion of funds has room for improvement

The "cross -border wealth management" pilot pilot runs the first anniversary of running smoothly, and it is at that time.

Chen Wei, director of the Cross -border Office of the Guangzhou Branch of the People's Bank of China, recently said that in the next step, the Guangzhou Branch of the People's Bank of China will continue to promote the healthy development of "cross -border financial management". On the one hand, expanding publicity allows more investors to enjoy policy dividends, optimize processes to promote the facilitation of business handling, guide more banks to participate in pilots and use fintech to improve services, and jointly strengthen investor protection with domestic and overseas regulators. On the other hand, broaden the depth and breadth of "cross -border financial management", explore more cross -border RMB business innovation in combination with market demand, and accumulate experience for the financial market interconnection and capital projects.

"On the whole, the start of the" Cross -border Financial Management "pilot further broaden the cross -border investment channels of residents in the region. However, due to the multiple influence of macro and market factors, the overall use of funds is still low. Great room for improvement. "Chen Qingyao said.

According to data from the Guangzhou Branch of the People's Bank of China, as of 24:00 on September 8, 2022, Cross -border Financial Pass to the south of the south to a net outflow of 240.2864 million yuan, with a quota of 240.286 million yuan (0.16%), and the remaining quota was 149,759.7136 million yuan; the cross -border cross -border; cross -border The north direction of wealth management flow was 299,060,800 yuan, and the quota has been used for 299.06 million yuan (0.20%), and the remaining quota is 149,7009.93 million yuan.

Chen Qingyao further stated, "Looking forward to the future, we hope to further broaden the depth and breadth of 'cross -border financial management", add more risk -level products, and provide more high -yield products for senior investors with high risk preferences to choose from, so as to use it to choose more high -yield products. To better match the diversified investment needs of residents in the Greater Bay Area. At the same time, we also hope to gradually relax investor qualifications and personal investment limit, so that more residents in the region can diversify investment and accumulate wealth through this mechanism, and from This promotes the rapid growth of business scale. "

Yu Lifeng, a senior analyst at the Ministry of East Jincheng Research and Development Department, told the reporter of the Securities Daily that it is expected that the "cross -border financial management" in the future will continue to develop steadily and orderly, continue to promote the two -way opening of products in the Mainland and Hong Kong and Macao regions, and continuously enrich product categories On the basis of this, the scope and investment limit of pilot areas are continuously expanded to meet the diversified allocation needs of investors in the Mainland and Hong Kong and Macao, and promote the internationalization of RMB.

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