Hong Kong’s monetary authority is set to collaborate with the People’s Bank of China (PBOC) to enhance cross-border remittance services, facilitating easier transfers for Hongkongers working or retiring on the mainland. The agreement aims to address current limitations, such as the 80,000 yuan daily transfer cap, which complicates sufficient fund transfers for daily expenses or healthcare. This initiative follows the easing of restrictions earlier this year for property purchases in the Greater Bay Area, reflecting broader efforts to support Hong Kong’s role as China’s global financial hub. Additional policies include expanding cross-border trading schemes and piloting projects for credit information sharing between Hong Kong and mainland enterprises, boosting accessibility for small and medium enterprises to secure bank loans.
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