The Chief Executive of the Hong Kong Monetary Authority, Yu Weiwen, wrote on the 4th that since the implementation of the "Cross border Wealth Management Connect" 2.0 optimization measures, the market response has been good. As of the end of June this year, more than 160000 individual investors have participated, an increase of over 120% compared to "Cross border Wealth Management Connect" 1.0. In terms of Southbound Connect, investors from participating institutions in Hong Kong have a market value of over RMB 16 billion, which is twice the growth rate compared to Cross border Wealth Management Connect 1.0. Yu Weiwen said that with the deepening understanding of Hong Kong market products by Southbound investors and the increasing emphasis on diversified investment, Southbound investors have gradually diversified their product choices, from initially focusing on deposit products to now increasingly allocating to fund and bond products. The optimization measures for the "Cross border Wealth Management Connect" 2.0 launched last year include increasing credit limits, expanding product offerings, relaxing investor barriers, expanding the scope of participating institutions, and further improving sales and promotion arrangements. Yu Weiwen mentioned that recently, the Hong Kong Monetary Authority and mainland regulatory agencies have jointly launched optimization measures under the policy framework of "Cross border Wealth Management Connect 2.0", including "one-time consent", "third-party online meetings", and non personal opening of Southbound Connect accounts, in order to enable banks to provide more effective sales and account opening services. Yu Weiwen stated that Hong Kong banks have responded positively, with 6 banks implementing a "one-time agreement" arrangement to proactively introduce products and provide information to customers, and another 10 banks planning to implement the relevant arrangements. In addition, within just over a month since the launch of the "Tripartite Online Conference" in June this year, some banks have already introduced or are preparing to introduce relevant measures. (New Society)