Compared to traditional cross-border remittances, what are the advantages of cross-border payments between mainland China and Hong Kong? Response from the central bank

According to the Securities Times APP, on June 20th, the head of the relevant department of the People's Bank of China answered questions from reporters about the cross-border payment channel. They stated that compared to traditional cross-border remittances, the cross-border payment channel between mainland China and Hong Kong has effectively shortened the cross-border remittance chain, improved the efficiency of cross-border remittances, and technically supported participating institutions in providing users with a better cross-border remittance service experience. Specifically, they support users to initiate online RMB and HKD cross-border remittances between mainland China and Hong Kong through participating institutions' mobile banking and online banking channels using methods such as phone numbers and bank accounts. They also support real-time account crediting for convenience remittances under certain amounts for current items, and directly connect relevant payment infrastructure to reduce middlemen and lower the cost of cross-border remittances.