中国人民银行上海总部发文升级自贸区自由贸易账户功能

Core Viewpoint - The People's Bank of China has approved the implementation of the "Implementation Measures for the Upgrade of Free Trade Accounts in the Shanghai Free Trade Zone," which aims to facilitate cross-border fund transfers and support the development of the Shanghai International Financial Center and International Trade Center. The measures will take effect on December 5, 2025 [1]. Group 1 - The new measures allow banks to directly handle fund transfers between upgraded free trade accounts and various types of foreign and offshore accounts based on payment instructions from pilot enterprises, significantly relaxing restrictions on cross-border fund transfers [2]. - Pilot enterprises will no longer be subject to limits and approvals related to foreign debt and cross-border financing for capital account businesses, simplifying the cross-border fund operation process and enhancing efficiency [2]. - The upgraded accounts will not allow foreign currency transfers to domestic non-free trade accounts, but RMB transfers will be managed under macro-prudential limits, aligning with similar accounts in Hainan and Zhuhai [2]. Group 2 - Banks can open upgraded accounts for pilot enterprises within their accounting units, and existing free trade accounts must be upgraded or closed, with a limit of one upgraded account per enterprise during the initial phase [3].