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

On the morning of June 20, the People's Bank of China and the Hong Kong Monetary Authority jointly held the launch ceremony of the Mainland and Hong Kong Cross-border Payment System Interconnection (hereinafter referred to as Cross-border Payment Link). The Cross-border Payment Link will be officially launched and operational on June 22, 2025. The launch of the Cross-border Payment Link is beneficial for improving the efficiency and service level of cross-border payments between the two regions, facilitating economic and trade activities as well as personnel exchanges, and consolidating and enhancing Hong Kong's position as an international financial center. In the future, 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 Link. Together with the operating agencies of the fast payment systems in both regions and all participating institutions, they will further improve relevant institutional arrangements based on the operation of the Cross-border Payment Link, promote the high-quality development of China's cross-border payment system, and serve the high-level opening-up to the outside world. The original text is as follows: The People's Bank of China and the Hong Kong Monetary Authority jointly hold the launch ceremony of the Cross-border Payment Link On the morning of June 20, the People's Bank of China and the Hong Kong Monetary Authority jointly held the launch ceremony of the Mainland and Hong Kong Fast Payment System Interconnection (hereinafter referred to as Cross-border Payment Link). Pan Gongsheng, Governor of the People's Bank of China, Wang Linggui, Deputy Director of the Central Hong Kong and Macao Affairs Office and Deputy Director of the Hong Kong and Macao Affairs Office of the State Council, and Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, attended and delivered speeches, while Lu Lei, Deputy Governor of the People's Bank of China, presided over the ceremony. The Cross-border Payment Link is another important measure supported by the central government to support the development of Hong Kong, facilitate people's livelihood, and promote cooperation between the Mainland and Hong Kong. It directly connects the Mainland's online payment interbank clearing system with Hong Kong's fast payment system "Faster Payment System" and supports participating institutions in providing efficient, convenient, and secure cross-border payment services for residents of the two regions while complying with the laws and regulations of both places. The Cross-border Payment Link will be officially launched and operational on June 22, 2025. The launch of the Cross-border Payment Link is beneficial for improving the efficiency and service level of cross-border payments between the two regions, facilitating economic and trade activities as well as personnel exchanges, and consolidating and enhancing Hong Kong's position as an international financial center. In the future, 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 Link. Together with the operating agencies of the fast payment systems in both regions and all participating institutions, they will further improve relevant institutional arrangements based on the operation of the Cross-border Payment Link, promote the high-quality development of China's cross-border payment system, and serve the high-level opening-up to the outside world. Relevant leaders of the operating agencies of the fast payment systems in both regions and commercial banks attended the launch ceremony. This article is selected from the official website of the People's Bank of China, edited by GMTEight: Li Fo.