The reporter learned from the Local Financial Supervision and Administration Bureau of Shenzhen that the level of financial connectivity between Shenzhen and Hong Kong continues to improve, and currently the financial markets of the two regions have achieved six aspects of connectivity. One is the Shenzhen Hong Kong Stock Connect. As of the end of 2023, the cumulative trading amount of the Shenzhen Hong Kong Stock Connect exceeded 75.43 trillion yuan, of which the cumulative trading amount of the Shenzhen Stock Connect was 60.77 trillion yuan and the cumulative trading amount of the Hong Kong Stock Connect was 14.67 trillion yuan. The second is "Cross border Wealth Management Connect". By the end of November 2023, pilot banks in Shenzhen had opened 34700 accounts related to the "Cross border Wealth Management Connect" business, with a total cross-border payment amount of 4.044 billion yuan and a total two-way investment product transaction volume of 1.621 billion yuan, accounting for about one-third of the total "Cross border Wealth Management Connect" business in the Guangdong Hong Kong Macao Greater Bay Area. The third is "Bond Connect". At present, the north-south two-way traffic has been achieved, serving over 3500 international investment institutions in 36 countries and regions. The cumulative transaction volume of the north-south traffic from January to November 2023 is 9.3 trillion yuan. The fourth is "ETF Connect". In July 2022, ETFs (ETFs) were officially included in the trading mechanism of the Shanghai, Shenzhen, and Hong Kong Stock Connect. As of November 2023, a total of 139 ETFs have participated in the Shanghai Shenzhen Hong Kong Stock Connect trading. The fifth is "Insurance Pass". Shenzhen insurance companies actively collaborate with Hong Kong and Macau insurance institutions to develop cross-border insurance products. At present, a total of 8 cross-border medical products and 59 exclusive critical illness insurance products for the Greater Bay Area have been registered, and 10 property and casualty insurance companies are conducting cross-border car insurance business, with one company achieving "three place car insurance and one place insurance". The sixth is "Huihuitong". Establish a multi currency fund settlement channel and a joint check settlement mechanism, with real-time settlement of US dollars, Hong Kong dollars, and RMB in Shenzhen and Hong Kong, providing convenient and efficient cross-border remittance services. Remittances from Shenzhen and Hong Kong can be completed in as little as 2 minutes. (Lai Xin She)
Edit:He Chuanning Responsible editor:Su Suiyue
Source:Xinhua
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