Shenzhen Banks Open 12,560 Cross-Border Accounts in Pilot Program

What’s new: Shenzhen’s 24 banks have opened 12,560 accounts under a pilot program that allows cross-border investment in wealth management products (WMPs) in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), China’s banking regulator said.

Account holders wired 404 million yuan ($60 million) of cross-border funds and made 237 million yuan of transactions, Zhang Lixing, chief of the Shenzhen Bureau of the China Banking and Insurance Regulatory Commission (CBIRC), said Tuesday at a press conference.