Family: The new regulations of the Hong Kong Monetary Authority have arrived. There are ways to apply for Hong Kong and Macau bank cards. Quickly see the differences between domestic and overseas cards.

Yesterday, the State Administration of Foreign Exchange issued a notice that shocked both the cryptocurrency industry and the banking sector. Many people thought this could bring a huge amount of capital flow and believed that the country was loosening financial regulations, allowing Chinese people to directly apply for Hong Kong and Macau bank cards domestically.

In fact, it's not the case. This time the HKMA notification allows Hong Kong and Macau banks to open bank card business in Mainland China, but the main focus is on domestic cards, not opening accounts for foreign cards.

Previously, the branches of Hong Kong and Macau banks in the mainland could not provide bank card services to Chinese nationals. Now the restrictions have been lifted, but they can only apply for domestic bank cards, not overseas cards.

What's the difference between domestic cards and overseas cards? Domestic cards are regulated by the national financial regulatory authority, and each person can exchange up to 50,000 US dollars in foreign currency each year. Overseas cards are not regulated by the domestic financial regulatory authority, and foreign exchange funds can be freely transferred in and out.

With a domestic card, you can only open a domestic securities account to trade A shares, or have 500,000 funds to open a Hong Kong stock account to buy Hong Kong stocks. But if you have an overseas card, you can open an overseas account, directly trade Hong Kong stocks, US stocks, and even directly enter the coin circle.

In this way, it is clear why it is impossible to open an overseas card for opening an account in China. Once opened, many people will rush to apply for overseas cards, and then speculate in foreign stocks, cryptocurrencies and other assets. A large amount of domestic funds will flow out, putting pressure on the RMB exchange rate, and a considerable amount of funds in A-shares will also be drawn away. #山寨季來了？ BTC trend analysis #AI Agents 板块代币普涨 #MKR & PYTH 上涨 #IP & BERA价格反弹