一、引言 2025年7月，中国人民银行、国家外汇管理局联合发布《关于印发<跨国公司本外币跨境资金集中运营管理规定>的通知（征求意见稿）》（以下简称"资 金池新规"），跨国公司跨境资金池将迎来新一轮制度升级。本次新规在整合既有跨境人民币及外汇资金池政策基础上，明确将此前在部分区域试点的"低 版本"资金池模式推广至全国，同时强化了宏观审慎管理和事中事后监管机制。该规定旨在实现三方面重要突破：一是实现本外币跨境资金一体化管理； 二是扩大适用范围，使更多中型企业受益于跨境资金集中运营；三是在提升便利度的同时完善风险监测体系，体现了"放管结合"的监管导向。 在近年人民币和外汇一体化资金池政策体系中，监管机构设计了"高版本"与"低版本"资金池，二者目前均处于试点的阶段，以精准服务不同规模和地区的 跨国公司。高版本资金池（即跨国公司本外币一体化资金池业务）定位于大型企业集团，设立标准高，如要求境内全部成员企业上年度本外币国际收支规 模合计金额不低于70亿元等。低版本资金池（即跨国公司本外币跨境资金集中运营业务）旨在覆盖更多中等规模企业，设立标准低，如要求境内全部成员 企业上年度本外币国际收支规模合计金额不低于7亿元等，但企 ...

将更多专精特新等中小企业纳入优质企业贸易外汇收支便利化政策范畴，上半年全国共办理相关便 利化业务7000多亿美元；将跨国公司本外币一体化资金池业务试点地区进一步扩大到天津、湖北、新 疆、厦门等16个省市，并允许跨国公司在银行直接办理部分资本项目变更业务，缩短约50%业务办理时 间；新发放30.8亿美元合格境内机构投资者（QDII）投资额度，更好满足人民群众投资境外金融产品的 需求……今年以来，国家外汇局坚持金融服务实体经济根本宗旨，不断深化外汇领域改革开放，持续加 强高质量外汇政策供给，促进外贸和外资稳健发展。 6月18日，在2025陆家嘴论坛上，中国人民银行副行长、国家外汇局局长朱鹤新宣布了一系列即将 出台的外汇便利化政策措施，例如，鼓励银行将更多贸易新业态主体纳入贸易便利化政策范围，在全国 实施扩大科技型企业跨境融资便利、缩减资本项目收入使用负面清单，在全国推广跨国公司本外币一体 化资金池政策，开展绿色外债政策试点等，目前多项政策正逐步出台。 鼓励外商投资企业境内再投资 外商投资是推进高水平对外开放的重要内容。2025年2月，商务部、国家发展改革委发布《2025年 稳外资行动方案》，提出三方面20条具体举 ...

二是明确相关跨境资金流动管理要求。在跨境资金流动管理上，《通知》基于资金池成员企业所有 者权益，分别设置外债和境外放款集中管理公式，对资金池相关跨境资金流动实行双向宏观审慎管理， 必要时可通过调节有关参数实现跨境资金流动逆周期管理。 近日，为稳步推进本外币一体化资金池试点，更好便利企业跨境资金统筹使用，发挥跨境业务服务 实体经济、促进贸易投资便利化的作用，中国人民银行、国家外汇管理局共同起草了《关于印发〈跨国 公司本外币跨境资金集中运营管理规定〉的通知（征求意见稿）》（以下简称《通知》），并向社会公 开征求意见。 《金融时报》记者了解到，为便利跨国公司集团利用境内外两个市场、两种资源，中国人民银行、 国家外汇管理局分别出台人民币、外汇跨境资金池业务相关政策。2021年以来，为更好支持企业用好资 金池政策，中国人民银行、国家外汇管理局积极探索资金池政策合并方案，推动跨国公司本外币一体化 资金池、跨境资金集中运营（以下分别简称"高版本资金池""低版本资金池"）两个版本的本外币一体化 资金池试点。 三是简化业务办理流程，强化事中事后监管。低版本资金池由各地国家外汇管理局"一个窗口"对 外，统一接受企业备案、变更申请 ...

Report Summary 1. New Fund Establishments - A 5 billion RMB Yangtze Special Vehicle (Suizhou) Industrial Investment Fund was established, with an initial phase of 500 million RMB, focusing on industries like special vehicles, new energy, and high - end manufacturing to support the auto industry in Suizhou [1] - A 5 billion RMB Yunnan Central Yunnan New Area Industrial Guidance Fund was launched, targeting non - listed enterprise equity in growth and maturity stages through sub - fund investments [3] - The Ningbo Angel Investment Guidance Fund plans to set up two angel sub - funds: Xiangshan Shanjin Angel Dream Equity Investment Partnership (planned) with a 200 million RMB scale, and Ningbo Beilun Yongke Talent and Wisdom Equity Investment Partnership (planned) with a 100 million RMB scale [4] 2. Large - scale Financing - Anhui Junbao Technology Co., Ltd. completed an 80 million RMB Series A financing, enhancing its position in the unmanned retail sector [5] - Qingzhi Intelligent Equipment completed a 15 million RMB Series A financing for R & D, capacity expansion, and market development in the intelligent equipment field [7] - Lingyun Zhikuang completed a multi - million - dollar angel round financing, using funds to secure high - quality mining rights and operate through an AI decision - making system [8] 3. Policy Focus - The central bank and the foreign exchange bureau drafted a regulation to establish a unified RMB - foreign currency fund pool policy framework, facilitating cross - border capital operations for multinational companies [9] - The State Council deployed measures to gradually implement free pre - school education, emphasizing subsidy arrangements and policy coordination [11] - Ten government departments jointly issued a plan to promote agricultural product consumption by optimizing supply, developing new food ingredients, and enriching product offerings [12] 4. Overall Investment and Financing Data - On July 25, 2025, 14 investment and financing events were disclosed in domestic and foreign venture capital markets, including 12 domestic and 2 foreign companies, with a total financing of about 120 million RMB [1]

Core Viewpoint - The recent policy proposals aim to facilitate cross-border fund management for enterprises, enhancing trade and investment convenience, and adapting to the needs of domestic and international economic exchanges [1][2]. Group 1: Cross-Border Fund Management Policies - The "Notice" proposes to expand the relatively mature "low-version fund pool" policy nationwide, establishing a framework for integrated management of domestic and foreign currency fund pools [3][5]. - The cross-border fund concentration operation business allows multinational companies to manage funds of their domestic and foreign subsidiaries through a centralized approach, including the management of foreign debts and cross-border payments [3][4]. Group 2: Implementation and Management - The "low-version fund pool" will be unified under a single management framework, simplifying the business process and enhancing regulatory oversight [5][6]. - The management of cross-border fund flows will be based on the equity of fund pool member enterprises, implementing a dual macro-prudential management approach [5]. Group 3: Optimization of RMB Cash Transport - The People's Bank of China and the General Administration of Customs have drafted a proposal to optimize the handling of cross-border RMB cash transport, clarifying the business entities and processes involved [8][9]. - The proposal includes a shift to a fully online business process, enhancing efficiency and reducing the complexity of current operations [9].

Group 1: Major Companies - The number of ETFs with over 10 billion yuan in assets has surpassed 90, reaching a total of 91, an increase of approximately 38% from 66 at the end of last year [1] - Xiaoma Zhixing has launched 24/7 autonomous driving tests in Beijing, Guangzhou, and Shenzhen, marking a significant innovation in autonomous driving policies in these cities [1] - Haidilao has opened its first premium store in Hanwei Building, focusing on high-quality Cantonese hot pot with premium seafood and Wagyu beef [2] Group 2: Financial Performance - LG Energy Solution reported a net profit of 906 billion won in Q2 2025, recovering from a loss of 237 billion won in the same period last year, despite a 9.7% decline in revenue to 5.56 trillion won [3] - China Duty Free Group announced a net profit of 2.6 billion yuan for the first half of 2025, a decrease of 20.81% year-on-year, with total revenue of 28.15 billion yuan, down 9.96% [3] Group 3: Investment and Financing - Shanghai Guotou will participate in the new financing round of the AI startup Jiyue Xingchen, which aims for an annual revenue target of 1 billion yuan [4] - "Ancheng An Design" has secured 1 million yuan in angel investment to enhance technology and market expansion [4] Group 4: New Products and Innovations - Jiyue Xingchen has released its new generation foundational model Step 3, achieving leading inference decoding efficiency, with a performance up to 300% higher than the DeepSeek-R1 on domestic chips [5] - Alibaba has launched the Qianwen 3 inference model, significantly enhancing performance and positioning it alongside top closed-source models like Gemini-2.5 pro and o4-mini [6] - Yushu Technology has introduced its third humanoid robot, UnitreeR1, priced from 39,990 yuan, featuring multi-modal capabilities [7] - Zhilie Network has unveiled an AI Agent product for recruitment, which automates the entire hiring process, improving efficiency by over 200% [8]