HK to build up offshore renminbi assets market
In March, the 13th National People's Congress approved the outline for the 14th Five-Year Plan, which supports Hong Kong strengthening its status as a global offshore renminbi business hub, an international asset management center and a risk management base.
In September, Southbound Bond Connect and Cross-boundary Wealth Management Connect were launched, underscoring the role of Hong Kong's financial market in providing a secure and reliable channel and gateway for opening up the nation's financial market.
Southbound Bond Connect provides mainlanders with a diversified channel to invest in offshore bond assets through Hong Kong, while Wealth Management Connect is the first mutual market access plan specifically designed for individuals in the Guangdong-Hong Kong-Macao Greater Bay Area to conduct cross-border investment.
