跨国公司本外币一体化资金池业务在全国范围内推广

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, effective immediately, aiming to enhance cross-border fund management efficiency and reduce operational costs for enterprises [1][2]. Group 1: Policy Framework and Implementation - The notification establishes a policy framework for the integrated currency pool, unifying the management of both domestic and foreign currency funds, and encourages enterprises to conduct pool operations in local currency [1][2]. - Local branches of the State Administration of Foreign Exchange will serve as a "one-stop" window for enterprises to register and manage their currency pool operations, thereby reducing operational costs [1][2]. Group 2: Benefits and Efficiency - The integrated currency pool business is expected to provide convenience for multinational companies in cross-border fund collection and transfer, linking external debt and overseas loan limits to the equity of pool member enterprises [2]. - The policy aims to enhance the efficiency of fund usage, reduce financial costs, and shift more business processes from pre-approval to ongoing management, thus lowering institutional transaction costs for enterprises [2]. - Companies involved in the pilot program have reported improved fund management efficiency and greater flexibility in adjusting pool members and partner banks based on business needs [2]. Group 3: Participation and Future Outlook - As of September 2025, 98 multinational companies and over 5,000 of their domestic and foreign member enterprises have participated in the pilot program, with a cross-border payment scale of approximately $150 billion in the first nine months of 2025 [3]. - The People's Bank of China and the State Administration of Foreign Exchange plan to continuously optimize cross-border fund management policies to enhance the convenience of cross-border trade and investment financing, supporting high-quality development of the real economy [3].