The People's Bank of China and the Hong Kong Monetary Authority jointly held the launch ceremony for cross-border payment.

Gate News bot message, on June 20th in the morning, the People’s Bank of China and the Hong Kong Monetary Authority jointly held the launch ceremony for the interconnection of the Mainland and Hong Kong Rapid Payment System (hereinafter referred to as Cross-border Payment Link). The Governor of the People’s Bank of China, Pan Gongsheng, the Deputy Director of the Central Hong Kong and Macao Work Office and the Deputy Director of the State Council’s Hong Kong and Macao Affairs Office, Wang Linggui, and the President of the Hong Kong Monetary Authority, Yu Weiwen, attended and delivered speeches, while the Deputy Governor of the People’s Bank of China, Lu Lei, presided over the event.

Cross-border Payment Link is an important initiative supported by the central government to facilitate the development of Hong Kong, improve people’s livelihoods, and promote cooperation between the Mainland and Hong Kong. It connects the Mainland’s online payment interbank clearing system directly with Hong Kong’s Fast Payment System (FPS), supporting participating institutions to provide efficient, convenient, and secure cross-border payment services for residents of both places, while complying with the laws and regulations of both regions. The Cross-border Payment Link will be launched on June 22, 2025. The introduction of the Cross-border Payment Link is beneficial for enhancing the efficiency and service level of cross-border payments between the two places, facilitating economic and trade activities and personnel exchanges, and consolidating and enhancing Hong Kong’s status as an international financial center.

Next, the People’s Bank of China will strengthen regulatory cooperation with the Hong Kong Monetary Authority to ensure the smooth and orderly operation of the Cross-Border Payment System. Together with the operators of the fast payment systems in both regions and various participating institutions, we will further improve relevant institutional arrangements based on the operational situation of the Cross-Border Payment System, promote the high-quality development of China’s cross-border payment system, and serve high-level opening up.