The Chinese central bank has announced the further expansion of cross-border management trials in China’s Greater Bay Area to include rural commercial banks.
On 6 May the Shenzhen branch of the People’s Bank of China (PBOC) announced via its official website that Cross-border Wealth Management Connect (跨境理财通) would expand to include one new bank – Shenzhen Rural Commercial Bank (深圳农商银行).
Shenzhen Rural will reportedly team up with the Hong Kong subsidiary’s of Singapore’s DBS Bank to provide wealth management products to qualified mainland Chinese investors living in the Greater Bay Area of Guangdong province, Hong Kong and Macau.
The move brings the number of banks participating in the trials to 28 in total, including big state-owned, joint-stock banks, municipal commercial banks, and foreign-invested banks in China.
Cross-border Wealth Management Connect was officially launched in October last year, permitting the sale of wealth management products between the markets of mainland China, Hong Kong and Macau.