利好跨国公司！这项跨境资金管理政策全国推广

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange announced the nationwide promotion of the integrated currency pool business for multinational companies, effective immediately, building on previous pilot experiences [1][4]. Group 1: Business Overview - The integrated currency pool serves as a central cash repository, crucial for multinational companies to manage and operate funds effectively [5]. - Since the pilot program began in 2021 in Beijing and Shenzhen, the scope and content of the business have been expanded multiple times, with 98 multinational companies and over 5,000 member enterprises participating by the end of September [5]. - The cross-border payment scale reached approximately $150 billion in the first nine months of this year [5]. Group 2: Benefits of Nationwide Implementation - The transition from "local pilot" to "full coverage" is expected to enhance the scale effect of fund concentration, improving the onshore collection of global funds and the security of fund settlements [6]. - The policy allows host companies to centrally manage both domestic and foreign currency funds of their member enterprises, facilitating unified scheduling and usage [6]. - Companies like CATL have reported significant improvements in cross-border fund allocation efficiency, with over $3 billion in cross-border fund transfers achieved within six months of using the new currency pool [6]. Group 3: Cost Efficiency and Simplification - The policy is designed to significantly reduce financial costs and enhance fund utilization efficiency by adjusting the external debt and overseas lending limits for multinational companies [6]. - Companies can manage regular fund collections and net settlement through the host enterprise based on operational needs [6]. - The process for business operations has been simplified, shifting more activities from pre-approval to post-management, thereby lowering institutional transaction costs [6]. Group 4: Real-World Impact - Guangdong Haida Group reported that the time for cross-border fund allocation has been reduced from several days to real-time since establishing their integrated currency pool [7]. - The transition to nationwide implementation is seen as a result of institutional innovation based on prior pilot programs, reflecting a commitment to institutional openness [7].