潮起海之南丨海南：EF账户助力跨境资金高效流动

Core Viewpoint - Starting from December 18, Hainan Free Trade Port will fully transition to a new phase of island-wide closure operations, with a focus on cross-border trade and capital flow policies, particularly the multi-functional free trade account (EF account) which plays a crucial role in facilitating cross-border capital movement [1] Group 1: EF Account Operations - The EF account operates under the principle of "one line open, second line controlled," allowing for free capital transfer across the first line while managing cross-border transactions on the second line [1][3] - Funds can be freely transferred across the first line for current account transactions, while capital account transactions with foreign accounts are not subject to limits on foreign debt or cross-border financing [3][4] - Transfers between EF accounts and domestic residents' non-same-name RMB accounts are limited to trade-related settlements and must use RMB [3][4] Group 2: Business Scale and Impact - Since its launch in May last year, the EF account has shown significant effectiveness, with 11 provincial branches including major banks like ICBC and ABC having adopted it by November 2025 [4] - The EF account is utilized across various scenarios such as spot and forward foreign exchange trading, cross-border trade settlements, and loans, with positive feedback from market participants regarding its efficiency [4] - The cross-border asset management pilot has established a quota of 5 billion RMB, enhancing the willingness of foreign investors to hold RMB assets [4] Group 3: Future Developments - As the closure operations of Hainan Free Trade Port progress, there will be efforts to expand the policy pilot scope by guiding banks to select more qualified enterprises for EF account openings [5] - The authorities will actively seek to optimize EF account policies in response to the development needs of Hainan Free Trade Port and market demands [5]