Five Things to Know About the New Cross-Border Wealth Connect Program

By Wei Yiyang, Zhou Wenmin, Tang Ziyi and Guo Yingzhe

China set an initial quota of 150 billion yuan ($23.1 billion) for both the northbound and southbound links

China kicked off a long-awaited cross-border wealth management connect (WMC) trial program in the Greater Bay Area (GBA), marking the latest effort by Beijing to further open up the mainland financial market.

Authorities in the mainland, Hong Kong and Macao jointly unveiled the final version of detailed regulations Friday for the cross-border WMC after a draft was released in May.

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