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Core Viewpoint - The launch of the Cross-Border Payment System marks a significant innovation in the interconnectivity of financial infrastructures between mainland China and Hong Kong, providing residents with a more cost-effective, efficient, and convenient cross-border remittance service [1][4]. Group 1: Cross-Border Payment System Features - The Cross-Border Payment System allows mainland residents to remit money to Hong Kong and vice versa, utilizing existing rapid payment systems [1]. - For southbound remittances, the annual limit is set at $50,000 per person, while for northbound remittances, the daily limit is HKD 10,000 and the annual limit is HKD 200,000 [1][3]. - Users can choose to remit in either Renminbi or Hong Kong dollars, enhancing flexibility in transactions [1][3]. Group 2: User Experience and Benefits - Users have reported significant improvements in the remittance process, including real-time fund transfers and the ability to send money directly in Renminbi without prior currency conversion [2]. - The system has simplified the remittance process, allowing users to complete transactions easily through mobile banking applications [2]. - The Cross-Border Payment System is expected to facilitate economic integration between Shenzhen and Hong Kong, promoting increased trade and personal exchanges [4]. Group 3: Historical Context and Future Implications - The initiative builds on previous cross-border financial collaborations that began in 1998, including various payment and settlement services [2]. - The system is anticipated to support the development of the Guangdong-Hong Kong-Macau Greater Bay Area and enhance Hong Kong's status as an international financial center [4]. - The Cross-Border Payment System is positioned to meet the growing demand for cross-border remittance and payment services among residents of both regions [4].