Hong Kong, China ink MOU for linkage of fast payments systems

Central bankers also discussed financial cooperation between their markets.

Mainland China and Hong Kong’s central banks have inked a memorandum of understanding (MOY) on cross-boundary linkage of payment systems between the two markets.

Deputy Governor Lu Lei of the People’s Bank of China (PBOC) and Hong Kong Monetary Authority (HKMA) deputy chief executive Howard Lee signed the MOU when they met on 2 August.

Lu and Lee discussed a “range of topics of mutual interest,” including financial cooperation between the Mainland and Hong Kong, as well as pushing forward the linkage of fast payment systems, the HKMA said in a press statement. The MOU establishes a cooperation framework for the linkage.