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

10SEP

Our reporter Liu Qi on September 10, 2021, the "Implementation Rules for the Implementation of the" Cross -border Financial Management "Business Pilot Implementation of the Guangdong -Hong Kong -Macao Greater Bay Area", marked the official launch 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. On October 18, last year, the North Wentong participated in the 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 has turned the difficulty into the "'Cross -border Financial Management" pilot of the force, which has been running relatively smoothly since the pilot of the cross -border financial management. Summit (seventh) evaluation. 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 in China cannot visit the mainland outlets to open an account. Min Cheng said that in order to further facilitate the opening of the account to open an account, the bank is currently actively preparing to apply to the regulatory application" Hong Kong witnessed the opening of the Mainland RMB II The class "service" service has been prepared according to the system and process. It is expected that the service can be launched as soon as possible after the approval service pilot, which will bring more convenient cross -border personal financial services support to the Greater Bay Area "Life Circle". The proportion of funds has the first anniversary of the "cross -border financial management" pilot pilot of the "cross -border financial management" pilot, and the sailies at the 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 People's Bank of China Guangzhou Branch will continue to promote "cross -crossing The healthy development of the Links Management. On the one hand, expand publicity allows more investors to enjoy policy dividends, optimize processes to promote the facilitation of business, guide more banks to participate in pilots and use financial technology Protection. 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. The launch of the cross -border financial management "pilot 'pilot further broaden the cross -border investment channels of residents in the district. However, due to the multiple influence of macro and market factors, the overall use of funds is still low, and there is still much room for improvement in the future. "Chen Qingyao said. Data from the Guangzhou Branch of the People's Bank of China show that as of 24:00 on September 8, 2022, the cross -border wealth management Tongtongtong clean out of 240.2864 million yuan, with a quota of 240.286 million yuan (0.16%), with a surplus of 149,759.7136 million Yuan; Cross -border Wealth Management Pass to the north of 299.0608 million yuan, and has used the quota of 299.06 million yuan (0.20%), and the remaining amount is 1497,00939,200 yuan. The depth and breadth, add more risk -level products to provide more high -yield product options for senior investors with high risk preferences 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 individual investment limit restrictions, so that more residents in the region can diversify investment and accumulate wealth through this mechanism, and therefore promote 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 "will continue to develop steadily and orderly in the future, and continue to promote the two -way opening of products in the Mainland and Hong Kong and Macao regions, and continuously enrich products Category, and on this basis, continuously expand the scope and investment limit of the pilot area 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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