MOU On Cross-boundary Linkage Of Payment Systems Between The Mainland And Hong Kong.
A series of policy measures, intended to deepen financial co-operation between the Mainland and Hong Kong, were jointly announced by the HKMA and the People’s Bank of China (“PBOC”) on 24 January 2024. Some of the policy measures have already been implemented and the HKMA continues to work on the other measures and initiatives, including the cooperative framework for cross-boundary payment linkage.
On 2 August 2024, the PBOC and the HKMA entered into a Memorandum of Understanding on Cross-Boundary Linkage of Payment Systems between the Mainland and Hong Kong. As stated by the HKMA in June 2024, the cooperative framework is intended to provide a safe, efficient and convenient means for cross-boundary payment and settlement, facilitating economic activity and flows of people between the two places.
Following a meeting of the top executives of the HKMA and PBOC on 2 August 2024, it was announced that the policy measures and initiatives on market connectivity and financial facilitation will continue to be part of the HKMA’s key priorities in the future.
The press release can be found here.
