海南自贸港今日封关，金融准备已就位

Core Viewpoint - The establishment of the Hainan Free Trade Port marks a significant step towards financial liberalization and innovation, with a focus on facilitating cross-border capital flows and enhancing the financial policy framework [1][4]. Financial Preparation and Infrastructure - As of October 2025, all three financial preparations for the Hainan Free Trade Port's closure have been completed, including the enhancement of cross-border capital flow management and the launch of the multi-functional Free Trade Account (EF Account) [1][5]. - The EF Account serves as a crucial financial infrastructure, allowing for more convenient cross-border capital settlement, exchange, and investment services, and has gained market recognition with 658 accounts opened by 11 banks [4][5]. Cross-Border Capital Flow and Growth - The cross-border capital flow scale has shown significant growth, with a total of $101.61 billion in cross-border receipts and payments from January to November this year, reflecting an annual growth rate of 55% since 2020 [8]. - The implementation of unique financial policies, such as the cross-border asset management pilot program, has led to the successful launch of business activities with a total application scale of 5 billion RMB [8]. Cross-Border Investment and Financing - The cross-border investment and financing reforms have yielded positive results, with 144 QFLP equity investment funds established in Hainan, attracting a total of $2.275 billion in cross-border inflows [9]. - The use of cross-border RMB has expanded, with RMB cross-border receipts and payments amounting to 484.5 billion RMB from January to November, marking a year-on-year increase of 7.8% [9]. Financial Environment and Support - The People's Bank of China has implemented a moderately loose monetary policy to enhance financing accessibility in key areas, contributing to a total loan balance of 14.101 trillion RMB in Hainan, which is 11.0% higher year-on-year, surpassing the national average growth rate [9].