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Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have announced the nationwide promotion of the integrated currency pool business for multinational companies, aimed at enhancing cross-border fund management and supporting high-quality economic development [1][4]. Group 1: Policy Framework - The integrated currency pool business will be unified under a single management framework, encouraging enterprises to conduct operations in local currency [4]. - Local branches of the State Administration of Foreign Exchange will serve as a "one-stop" window for companies to handle registration and documentation, reducing operational costs [4]. Group 2: Business Facilitation - The policy facilitates the cross-border collection and transfer of funds for multinational companies, linking external debt and overseas loan limits to the equity of member enterprises [4]. - As of September, 98 multinational companies and over 5,000 member enterprises participated in the pilot program, with a cross-border payment scale of approximately 150 billion USD in the first nine months of the year [4]. Group 3: Supervision and Management - The policy includes enhanced supervision and management of the currency pool business, requiring compliance from multinational companies and their partner banks [5]. - Local branches of the People's Bank of China and the State Administration of Foreign Exchange will strengthen statistical monitoring and conduct both off-site and on-site inspections to mitigate cross-border fund flow risks [5][6]. Group 4: Eligibility Criteria - Multinational companies must meet specific criteria, including a minimum combined international payment scale of 7 billion RMB for domestic member enterprises and 10 billion RMB for overseas member enterprises [9]. - Companies must not have significant violations of cross-border payment regulations in the past two years and must have at least three member enterprises [9][10]. Group 5: Operational Requirements - The main enterprise must select a domestic bank that meets certain qualifications to handle the currency pool business [13]. - The domestic fund master account can be multi-currency and allows for overdrafts, which must be repaid promptly upon receiving funds [12][44]. Group 6: Reporting and Compliance - Multinational companies are required to submit various documentation for registration and must report any changes in their operational status within 30 days [30][33]. - Partner banks must establish management systems for the currency pool business and ensure compliance with reporting obligations [62][63].