Core Viewpoint - The launch of the cross-border payment system marks a significant innovation in financial connectivity between mainland China and Hong Kong, facilitating real-time, cost-effective, and convenient cross-border remittances for residents of both regions [3][8][19]. Group 1: Launch and Functionality - The first cross-border payment transaction for mainland residents sending money south and Hong Kong residents sending money north was successfully executed in Shenzhen on June 22 [1][5]. - The cross-border payment system allows residents to conduct real-time remittances, offering advantages such as immediate fund availability, lower costs, and ease of operation [3][8]. - Initial participating institutions include major banks from both mainland China and Hong Kong, with plans to gradually expand the list of participants [4][10]. Group 2: User Experience - A Shenzhen resident successfully used the system to send 10,000 RMB to her daughter studying in Hong Kong, highlighting the convenience of direct RMB transfers without the need for currency exchange [6][5]. - A Hong Kong resident also reported a smooth experience in using the system for remittances, indicating the user-friendly nature of the service [7]. Group 3: Economic Impact and Future Developments - The cross-border payment system is expected to enhance economic integration between Shenzhen and Hong Kong, supporting the development of the Guangdong-Hong Kong-Macao Greater Bay Area [15][16]. - The People's Bank of China and the Hong Kong Monetary Authority are collaborating to further develop cross-border payment innovations, with plans for additional services and enhancements in the future [17][18]. - The system is designed to support various remittance scenarios, including personal remittances and payments for services such as education and healthcare [20].
全国首笔!在深圳,跨境支付通业务落地!
券商中国·2025-06-21 23:26