City and mainland authorities plan to give Chinese investors access to global equities under the overhauled scheme.
Authorities in the Greater Bay Area, including in Hong Kong, are finalizing details around an expanded Wealth Management Connect scheme, the «South China Morning Post» (paywall) reported on Tuesday.
Under the revamped scheme, mainland investors would be allowed to buy global equity products directly. The newspaper cited Hong Kong Monetary Authority chief executive Eddie Yue, who was speaking at a «Bloomberg Wealth Asia Summit» in Hong Kong.
Higher Quotas
According to him, authorities are discussing changes that would increase the range of products, raise quotas for investors and simplify the sales process. Currently, bay area investors can only purchase bond funds, the SCMP indicated.
This has been a long-expected step for the scheme, first introduced in 2021, and one that is likely to prompt significant additional interest from financial institutions and investors.
