BEIJING — China will initiate a pilot program to facilitate cross-border purchase of wealth management products (WMP) by residents in the Guangdong-Hong Kong-Macao Greater Bay Area, the country's central bank said on June 29.

Chinese mainland residents in the Greater Bay Area will be allowed to open special investment accounts with the banks in Hong Kong and Macao to buy their qualified WMPs, while residents in Hong Kong and Macao can buy WMPs sold by mainland banks operating in the Greater Bay Area, the People's Bank of China said in an online statement.

According to the statement, cross-border capital flow under the program will be capped, while individual investors will be granted a quota on their WMP investments.

The program is expected to support the development of the Greater Bay Area and will be conducive to promoting the opening of the Greater Bay Area's financial market to the outside world, the statement added.

The launch date and implementation details of the program will be announced through separate notices, the central bank said.