海南自由贸易港封关在即 金融准备工作已全部完成

Core Viewpoint - The Hainan Free Trade Port will officially start its full island closure on December 18, with all three financial preparations completed to support its development and financial services optimization [1][2]. Financial Preparations - The three financial preparations for the closure include the improvement of cross-border capital flow management, the establishment of a monitoring and early warning mechanism for cross-border capital flows, and the launch of the multi-functional free trade account (EF account) [2]. - As of the end of October, 11 banks in Hainan have launched EF accounts, with 658 accounts opened and a transaction volume of approximately 268.9 billion RMB, facilitating capital transfers with 80 countries and regions [2]. EF Account Features - The EF account allows for "cross-border" fund transfers and "cross-line" fund transfers, enabling businesses to conduct capital transactions without the usual restrictions on foreign debt and cross-border financing [3]. - The funds in EF accounts must adhere to specific usage restrictions, prohibiting investments outside the business scope and certain types of loans [3]. Financial Innovation and Cross-Border Transactions - Hainan has implemented several financial innovation policies, achieving a cross-border payment scale of 101.6 billion USD in the first 11 months of the year, with an average annual growth rate of 55% since 2020 [4]. - The province has seen successful pilot programs for cross-border asset management, with four institutions applying for a total of 5 billion RMB in quotas [4]. - The cross-border trade investment pilot has expanded to the entire province, facilitating 43.05 billion USD in cross-border trade and 2.8 billion USD in cross-border investment financing [5]. Cross-Border RMB Settlement - The People's Bank of China has focused on expanding the use of RMB in cross-border transactions, with a total of 484.5 billion RMB in cross-border RMB payments in the first 11 months, reflecting a year-on-year increase of 7.8% [5]. Digital Currency and Payment Innovations - The digital RMB pilot in Hainan has progressed significantly, with mobile payment products showing substantial growth in transaction volume and value [6].