PBOC and HKMA Sign MOU on Cross-Boundary Linkage of Payment Systems between the Mainland and Hong Kong

The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) have signed a Memorandum of Understanding (MOU) on cross-boundary payment systems between the Mainland and Hong Kong. The agreement was signed during a meeting on 2 August where Mr. Lu Lei, Deputy Governor of the PBOC, and Mr. Howard Lee, Deputy Chief Executive of the HKMA, discussed various topics, including financial cooperation and the integration of fast payment systems. The MOU establishes a cooperation framework to enhance the linkage between payment systems in the two regions, aiming to facilitate more efficient cross-border transactions and strengthen financial ties.

Resources: Hong Kong Monetary Authority – PBOC and HKMA Sign MOU on Cross-Boundary Linkage of Payment Systems between the Mainland and Hong Kong