Cross-border payment channels will be launched tomorrow, making trade between mainland China and Hong Kong more convenient.

Yesterday, the People's Bank of China and the Hong Kong Monetary Authority jointly held the mainland and Hong Kong fast payment system interconnection launch ceremony, announcing that the cross-border payment channel will be launched on June 22. Compared with traditional cross-border remittances, the first major feature of the cross-border payment channel is convenience. After the online launch of the cross-border payment channel, residents of mainland China and Hong Kong only need to enter the other party's mobile phone number or bank account on their mobile phones to easily conduct cross-border remittances and other operations. In the past, cross-border remittances took a long time, but the cross-border payment channel can allow users to handle cross-bank transfers anytime and anywhere through online banking and mobile banking, with funds arriving in real time. Furthermore, after the launch of the cross-border payment channel, the cost of cross-border remittances will also be greatly reduced.