Five takeaways from China’s Wealth Management Connect scheme

After a year of testing, China announced the rollout of a ground-breaking wealth management scheme that binds Hong Kong with Guangdong province. It should prove a boon to Hong Kong banks and mainland investors – and to Hong Kong itself.

On Friday, China fired the starting gun on Wealth Management Connect (WMC), which binds Hong Kong more tightly to the southern province of Guangdong.

The cross-border scheme aims to tick a lot of boxes, from promoting the global use of China’s currency, to boosting Hong Kong’s role as a hub for offshore yuan, to allowing millions of mainlanders to buy offshore investment products.

There is a lot of wheat to separate from chaff, so here is our pick of the crop.