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China to shore up Hong Kong hub status with wealth management link

HSBC and Citigroup among banks looking to catch tailwind from new investment corridor

Under the "one country, two systems" framework, Hong Kong has long served as a key link between mainland China and the rest of the global market.   © Reuters

HONG KONG -- An eagerly anticipated wealth investment bridge between Hong Kong and mainland China similar to the Stock Connect link offers China a chance to repair the city's status as a global financial hub despite mounting concerns over its grip on the territory.

The proposed Wealth Management Connect, inching toward a launch as soon as this year, will give Hong Kong-based investors greater access to the massive mainland market, where China imposes strict capital controls to curb outflows of the yuan.

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