Core Viewpoint - The Hong Kong Monetary Authority (HKMA) and the People's Bank of China are launching a cross-border payment system to facilitate instant payments between Hong Kong and mainland China, enhancing financial connectivity and efficiency in cross-border transactions [1][2]. Group 1: Cross-Border Payment System Details - The cross-border payment system will connect Hong Kong's Faster Payment System (FPS) with the mainland's Interbank Payment System (IBPS), allowing residents and institutions to make instant cross-border payments [1]. - Initial services will focus on personal-to-personal transactions and payments related to living expenses, such as tuition and medical fees, with no transaction fees charged by banks at this stage [1][2]. - The daily remittance limit for Hong Kong residents is set at 10,000 HKD per participating bank, with an annual limit of 200,000 HKD, while mainland residents can remit up to 50,000 USD per year to Hong Kong [1][2]. Group 2: Participation and User Base - Six banks from both Hong Kong and mainland China are participating in the initial phase, with over ten additional banks expressing interest in joining the system [2]. - The IBPS currently has 298 million users, while the FPS has 17 million users, indicating a substantial demand for the cross-border payment service [2]. - The HKMA aims to optimize the service based on user experience and may expand the number of participating institutions and service scenarios in the future [2]. Group 3: Strategic Importance - The cross-border payment system is a significant step in enhancing cooperation between Hong Kong and mainland China, improving the efficiency of cross-border payments and facilitating trade and personnel exchanges [2]. - This initiative is expected to strengthen Hong Kong's position as an international financial center and a hub for offshore RMB business [2].

Core Viewpoint - The article emphasizes the support for optimizing the functions of free trade accounts in Shanghai and encourages banks in Shanghai and Hong Kong to enhance the non-resident account system, facilitating cross-border e-commerce and overseas warehouse operations [1] Group 1: Policy Support - The "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" advocates for the optimization of free trade account functions in Shanghai [1] - It encourages the establishment of non-resident accounts for cross-border e-commerce platforms and overseas warehouse operating companies in the Shanghai Free Trade Zone or Hong Kong [1] Group 2: Financial System Integration - The plan promotes the interconnection of Hong Kong's Fast Payment System (FPS) with the Interbank Payment System (IBPS) for online payment cross-bank clearing [1] - It encourages financial institutions in both regions to jointly develop financial products that meet the offshore trade and economic funding needs [1] Group 3: Currency Utilization - The initiative aims to promote the use of the Renminbi as a payment settlement currency among more trade entities [1]