On June 22, the "Cross-border Payment Link" between Mainland China and Hong Kong was officially unveiled. The previous day, the People's Bank of China (PBOC) and the Hong Kong Monetary Authority jointly hosted a ceremony to mark this significant milestone. This innovative service bridges the Mainland's online payment interbank clearing system with Hong Kong's Faster Payment System (FPS), offering real-time cross-border payment solutions to residents of both regions. According to the Shenzhen Branch of the PBOC, on the inaugural day, the first nationwide cross-border remittance transactions from Mainland China to Hong Kong and vice versa were smoothly processed in Shenzhen. The Cross-border Payment Link not only streamlines the cross-border remittance process but also enhances efficiency, lowers costs, and fosters economic and trade activities, as well as personnel exchanges between the two areas.