Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange have decided to expand the pilot program for multinational companies' integrated currency pool business in various provinces and cities to enhance cross-border fund management and support high-quality economic development [1] Summary by Sections Expansion of Pilot Program - The pilot program will be expanded in Tianjin, Hebei, Inner Mongolia, Heilongjiang, Anhui, Fujian, Shandong, Hubei, Hunan, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Xinjiang, and Xiamen [1] Key Measures - Multinational companies are allowed to determine the concentration ratio of external debt and overseas loans based on macro-prudential principles [1] - Multinational companies can handle the centralized receipt and payment of foreign and domestic currencies for overseas subsidiaries through domestic main accounts [1] - Further facilitation for multinational companies to conduct cross-border receipts and payments in RMB [1] - Banks can directly handle capital project changes that do not involve external debt and overseas loan quotas [1] Future Directions - The People's Bank of China and the State Administration of Foreign Exchange will enhance the institutional opening in the foreign exchange sector and accelerate the improvement and expansion of cross-border fund management policies for multinational companies [1] - The aim is to continuously improve the convenience of cross-border trade and investment financing, better serving the high-quality development of the real economy [1]