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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: Overview of the Integrated Currency Pool Business - The integrated currency pool business is a cross-border fund management policy jointly launched by the People's Bank of China and the State Administration of Foreign Exchange, with pilot programs starting in March 2021 in cities like Beijing and Shenzhen [3]. - As of September 2023, 98 multinational companies and over 5,000 member enterprises have participated in the pilot, with a cross-border payment scale of approximately $150 billion in the first nine months of the year [4]. Group 2: Key Features of the New Policy - The new policy establishes a unified management framework for the integrated currency pool business, encouraging enterprises to conduct operations in local currency and reducing operational costs for companies [4]. - It facilitates the collection and transfer of funds for multinational companies by setting external debt and overseas loan limits linked to the equity of member enterprises [4]. - The policy also emphasizes improved supervision and management of the currency pool business, requiring local branches of the People's Bank of China and the State Administration of Foreign Exchange to enhance monitoring and conduct inspections to mitigate cross-border fund flow risks [4]. Group 3: Eligibility and Requirements - Multinational companies must meet specific criteria to engage in the currency pool business, including having a genuine business need, a robust cross-border fund management structure, and a minimum annual international payment scale of 7 billion RMB for domestic members [9][10]. - The companies must also have a combined annual revenue of at least 10 billion RMB for domestic members and 2 billion RMB for overseas members [9]. Group 4: Operational Guidelines - The policy outlines that multinational companies must select a domestic bank with international settlement capabilities as their cooperating bank for managing the currency pool business [12]. - The domestic fund master account can be a multi-currency account, allowing overdrafts for external payments, with specific income and expenditure ranges defined [35][42]. Group 5: Compliance and Monitoring - The cooperating banks are required to establish management systems for the currency pool business, ensuring compliance with regulations and timely reporting of relevant data [52]. - The People's Bank of China and the State Administration of Foreign Exchange will enhance supervision and risk assessment of the currency pool business, ensuring compliance with laws and regulations [53][54].