Hong Kong sets $23bn cap under new cross-border wealth management scheme

Pedro Gonçalves
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Hong Kong sets $23bn cap under new cross-border wealth management scheme

Private-wealth investments between Hong Kong and the mainland will face a 150 billion yuan ($23bn) cap in each direction, the Hong Kong Monetary Authority has said. China is moving towards easing capital controls within the Greater Bay Areaby setting the amount of fund flows allowed under an investment scheme with Hong Kong and Macau from early next year. Authorities on both sides of the borders have set an aggregated quota of 300 billion yuan ($45bn) in fund movements in both dire...

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