Zheng Quan Ri Bao·2025-06-22 16:51Core Viewpoint - The launch of the cross-border payment system between mainland China and Hong Kong aims to enhance the efficiency and cost-effectiveness of cross-border transactions, while also promoting the internationalization of the Renminbi and deepening financial cooperation between the two regions [1][2][3]. Group 1: Financial System and Efficiency - The cross-border payment system addresses the pain points of traditional cross-border payments by improving efficiency and reducing costs, thus facilitating real-time remittance services for residents of both regions [1][2]. - Compared to traditional cross-border remittances, the new system significantly shortens the remittance chain and enhances the overall efficiency of cross-border transactions [2]. - The system allows users to initiate cross-border remittances in Renminbi and Hong Kong dollars through mobile banking and online banking channels, supporting real-time transactions for certain amounts under the current account [2][3]. Group 2: Strategic Importance - The cross-border payment system is seen as a key initiative for promoting the internationalization of the Renminbi and reinforcing Hong Kong's status as an international financial center [3]. - It is part of a broader policy push to support the development of cross-border business and financial openness, aligning with recent regulatory requirements [3][5]. Group 3: Banking Participation and Services - Major banks participating in the cross-border payment system include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and several Hong Kong banks [4]. - The system offers a "zero-fee" experience during the pilot phase, providing customers with a new payment experience and enabling "instant arrival" of funds [4]. - Banks are encouraged to develop differentiated services and explore innovative financial products that cater to high-frequency consumer needs, such as education, healthcare, and travel [5].