(Adds more details, background) BEIJING, May 6 (Reuters) - China set an initial quota of 150 billion yuan ($23.2 billion) for transactions under its Wealth Management Connect scheme that links southern Guangdong province with offshore centres Hong Kong and Macau, according to draft rules published on Thursday. The cross-border pilot scheme, announced a year ago, allows residents of the two offshore centres and those in nine cities in Guangdong to buy financial products in the other markets. Net cash flows in either direction must not exceed 150 billion yuan and the individual investment quota is 1 million yuan, according to draft rules published by China’s central bank. The scheme is part of President Xi Jinping’s plan to build a Greater Bay Area economic powerhouse in southern China, by further integrating Hong Kong and Macau with the mainland. Wealth Management Connect facilitates investment in the area. The initiative is also part of China’s drive to open up its capital account and financial markets, the Shenzhen central sub-branch of the People’s Bank of China said. China has launched similar cross-border initiatives in the past, including Stock Connect and Bond Connect. Investors in Hong Kong and Macau can buy Chinese wealth management products and mutual funds under the scheme, according to the draft rules. The rules did not detail which products mainland investors could purchase in the two offshore centres. The rules, which were posted to solicit a public response, were drafted jointly by PBOC, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission. $1 = 6.4688 Chinese yuan renminbi Reporting by Beijing Newsroom; Editing by John Stonestreet and Edmund Blair Our Standards: The Thomson Reuters Trust Principles.