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Core Viewpoint - The launch of the Cross-Border Payment System on June 22 marks a significant advancement in the connectivity between the mainland and Hong Kong, allowing for real-time cross-border remittances using RMB, enhancing convenience for residents on both sides [1][2]. Group 1: Overview of Cross-Border Payment System - The Cross-Border Payment System allows residents to conduct real-time remittances directly in RMB, eliminating the need for currency exchange and lengthy processing times associated with traditional methods [1][2]. - The system is designed to facilitate three main types of cross-border remittance scenarios: southbound remittances from mainland residents to Hong Kong, northbound remittances from Hong Kong residents to mainland accounts, and bilateral cross-border RMB payments for various purposes [2][3]. Group 2: Participating Institutions and Operational Details - The initial group of 12 participating institutions includes major banks from both the mainland and Hong Kong, such as ICBC, Agricultural Bank of China, Bank of China, and HSBC [3]. - The service is available to mainland residents holding specific identification documents and to Hong Kong residents with Hong Kong ID cards, with plans for gradual expansion across the country [3][4]. Group 3: Transaction Limits and Fees - During the pilot phase, the transaction limit for mainland banks is set at 10,000 RMB per transaction, with many banks waiving fees for this service [4]. - Hong Kong banks impose a daily limit of 10,000 HKD and an annual limit of 200,000 HKD per individual, with service hours differing between the two regions [4]. Group 4: Promotional Activities - Several banks, including Bank of Communications and HSBC, are offering promotional rewards for customers using the Cross-Border Payment System, incentivizing higher transaction volumes [5].