"Interest rates are soaring" and "can reach up to 10%"... "Cross-border Financial Management Connect 2.0" has been implemented for more than half a month. Attracted by high interest deposit rates, investors' attention has surged.

On March 11, a reporter from Beijing Business Daily found that at present, the interest rate of time deposits launched by pilot banks is maintained at around 5%-10%. Investors who purchase high-interest deposits need to have household registration in 9 cities in the Guangdong-Hong Kong-Macao Greater Bay Area. , The end-of-month balance of household financial net assets in the past three months is not less than 2 million yuan and other conditions.

Some bank account managers also reminded that according to regulations, customers cannot withdraw funds in advance during the deposit period. If you withdraw funds early, you will not only get no interest, but will also be fined. The penalty range is about 5%-10% of the withdrawal amount.

Penalty for early withdrawal

　　Cross-border Financial Management Connect was launched in 2021 and was called version 1.0 at the time. On February 26 this year, the optimized "Cross-border Financial Management Connect 2.0" was officially implemented, increasing the investment limit of a single investor from 1 million yuan to the highest 3 million yuan, the risk level of public securities investment funds has been expanded from "R1" to "R3" to "R1" to "R4".

　　It has been more than half a month since its launch, and investors’ enthusiasm for subscription has not diminished.

"Recently, a wave of cross-border 'wool' has been collected, and the deposit interest rate can reach up to 10%. Hurry up, dear friends, I have already opened an account in the bank..." Some investors shared on social platforms, and some investors Frankly speaking, products with more than 10% are not common, so those who want to buy should hurry up and "get in".

　　How to purchase cross-border wealth management products?

What conditions need to be met?

Beijing Business Daily reporters consulted a number of banks.

The cross-border wealth management link business is divided into "Southbound Link" and "Northbound Link". Among them, "Southbound Link" means that mainland investors in the Guangdong-Hong Kong-Macao Greater Bay Area open personal investment accounts at Hong Kong and Macao sales banks and remit funds through closed-loop capital channels. Funds are used to purchase investment products sold by Hong Kong and Macao sales banks.

　　Taking the "Southbound Link" for mainland investors as an example, investors need to have household registration in the 9 mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area (Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing) or be in Guangdong-Hong Kong-Macao In addition to the conditions for continuous payment of social security or personal income tax for 5 years in the 9 mainland cities in the Greater Bay Area, investors also need to meet the investment experience of 2 years or more, and the end-of-month balance of household financial net assets in the last 3 months is not less than 100 Ten thousand yuan, or the end-of-month balance of household financial net assets in the past three months is not less than 2 million yuan, etc.

　　A customer service staff of ICBC (Asia) said, “The cross-border wealth management service needs to be applied at our bank’s outlets in the Greater Bay Area. After application, our bank will open an investment account in Hong Kong for customers as a channel to purchase financial products. Recently, sales Better products are RMB, Hong Kong dollar, and US dollar time deposits. In addition to meeting the qualifications of qualified investors, our bank will review the equivalent value of the customer's assets before opening relevant services."

　　"To purchase deposit products, you need to first activate the 'Southbound Link' business. First fill in the electronic form on our bank's official website, and then go to our branch in the Greater Bay Area to sign the form and complete the contract. After the contract is successfully signed, you can contact the account manager to purchase the product. No You need to go to a branch in Hong Kong." A customer service staff of China Construction Bank Asia (hereinafter referred to as "CCB Asia") said, "According to regulations, customers cannot withdraw deposit funds in advance during the deposit period. If they withdraw in advance, not only will they not get interest, but they will also Penalties range from about 5% to 10% of the withdrawal amount, which will be determined by the system."

High interest rates are short-term behavior

　　When "Cross-border Wealth Management Connect 2.0" was officially implemented, many banks released high-interest deposit products.

During the promotion period, qualified ICBC (Asia) customers who purchase 1-month or 3-month RMB/HKD/USD time deposits through mobile banking using the Cross-border Wealth Management "Southbound Link" account can enjoy preferential annual interest rates. Specifically, The interest rate for deposits of RMB 5,000 or more is 6% for 1 month and 5% for 3 months; the interest rate for HKD 1,000 or more is 9% for 1 month and 6% for 3 months; the interest rate for deposits of US$1,000 or more is 6% for 1 month. The interest rate is 10%, and the 3-month interest rate is 7%.

　　However, high-interest benefits are also short-term behavior.

“Currently, there are many customers inquiring, and everyone is more concerned about the discounts on deposit interest rates. The discounts are available until the end of March this year,” said the above-mentioned ICBC (Asia) customer service staff.

　　CCB Asia stated that you can enjoy a HKD 500 reward when you successfully open an account. Among them, the maximum interest rate for RMB time deposits is 6% and the minimum deposit amount is 5,000 yuan; the annual interest rate for USD time deposits is up to 10% and the deposit term is 1 month.

　　According to the customer service staff of CCB Asia, "The high-interest rate promotion period ends at the end of March. After the end, the annual interest rate of ordinary deposit products will be calculated. If purchased for ordinary customers, the deposited funds shall be between HKD 100,000 and HKD 1 million for 1 month. The interest rate for time deposits is 3.65%; the interest rate for one-month time deposits is 1.8% for RMB 100,000 and RMB 500,000; and the interest rate for one-year time deposits is 4.8% for USD 10,000 and RMB 100,000.”

　　As for Standard Chartered Hong Kong's "Southbound Connect", newcomers can enjoy a cash rebate of HK$500 when they open a cross-border wealth management link; they can enjoy a cash rebate of up to HK$9,000 when depositing new funds. The interest rate on U.S. dollar time deposits can also be up to 10%. The period is one month and the event will end on March 28th.

Investors should not buy with “eyes closed”

　　The launch of "Cross-border Financial Management Connect 2.0" will help further enhance the facilitation of cross-border investment in the Guangdong-Hong Kong-Macao Greater Bay Area and better meet the needs of residents in the Greater Bay Area for cross-border investment and financial management and global asset allocation.

　　Zhou Maohua, a macro researcher at the Financial Markets Department of China Everbright Bank, said that the implementation of "Cross-border Financial Management Connect 2.0" has lowered the threshold for mainland residents to participate in financial investment in the Greater Bay Area, expanded investment products and services, expanded the capacity of participating pilot service intermediaries, and improved services. Institutional service behavior and supply quality put forward higher requirements.

This will undoubtedly improve the convenience of cross-border investment for investors in the Greater Bay Area and mainland China.

　　"In recent years, affected by the aggressive interest rate hikes by major European and American central banks, Hong Kong's linked exchange rate system has resulted in deposit interest rates being significantly higher than those in the mainland." Zhou Maohua emphasized, but what needs to be paid attention to is that the cost of overseas funds has also been higher than that in the mainland. Taking into account the inflation in the two places, Taking into account the impact of international exchange rate fluctuations and investment certainty, overall, the actual returns from mainland assets are not at a disadvantage.

　　From the perspective of financial products, well-known economist Pan Helin analyzed that in the short term, due to the high current interest rates overseas, the returns from cross-border financial management are relatively high. In the long term, this is to broaden the investment channels for mainland investors.

For investors, short-term products are worth buying, but they need to pay attention to whether the investment targets of financial products are sound.

Long-term products need to consider risks, because the U.S. dollar risk-free interest rate may face a turning point. If the investment lasts too long, it may be difficult to guarantee the future rate of return. Since it is a financial product, its rate of return is floating. It is for reference only and is not actually possible. receive.

　　Pan Helin further pointed out that for investors, they should understand what the underlying assets of investment and financial management are, because any financial management product has risks, but the risks may be large or small.

　　Some bank customer service staff also reminded that each investor can only open only one special remittance account in his or her place of residence at any time, and only one special investment account in another market.

Under the Cross-border Wealth Management Connect, investors must make investments through matched remittance accounts and investment accounts.

For "Southbound Connect" investors who open an account in Hong Kong, the investor needs to open an account (remittance account) in a mainland bank for cross-border Wealth Management Connect remittances and an account in its Hong Kong cooperative bank specifically for cross-border remittances. For the Wealth Management Investment Account (Special Investment Account), the two accounts need to be paired with each other and establish closed-loop management of funds.

　　Beijing Business Daily reporter Song Yitong