The People's Bank of China, the Hong Kong Monetary Authority, and the Monetary Authority of Macao issued a joint announcement on June 29 that the pilot project for cross-border financing business will be carried out in the Guangdong-Hong Kong-Macao Greater Bay Area.

Residents on the Chinese mainland will be able to open special accounts for investment at Hong Kong and Macao banks to purchase qualified investment products, while residents in Hong Kong and Macao will be eligible to purchase qualified investment products at banks on the Chinese mainland.

All necessary measures will be taken by relevant regulators from the Chinese mainland, Hong Kong, and Macao to ensure that violations of laws and regulations can be dealt with properly in time.