The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) have signed a Memorandum of Understanding (MOU) to establish a framework for connecting payment systems between mainland China and Hong Kong.
The agreement was signed on 2 August by PBOC Deputy Governor Lu Lei and HKMA Deputy Chief Executive Howard Lee.
The two officials met to exchange views on a range of topics of mutual interest, including financial cooperation between the Mainland and Hong Kong, as well as pushing forward the linkage of fast payment systems.
However, not much detail was provided about the specifics of the agreement.
This follows earlier initiatives, including Hong Kong’s pilot of the world’s first integration of a payment system with China’s digital yuan.
