自2020年《海南自由贸易港建设总体方案》发布以来，海南自贸港金融政策制度体系初步搭建，金融开 放政策框架逐步建立，海南自贸港成为金融开放创新政策全国领先的地区之一。近年来，中国人民银行 持续完善与海南自贸港相适应的金融政策和制度体系，目前，封关运行的金融准备工作已全部完成。 近年来海南锚定"跨境资金流动自由便利"目标，推动一批金融创新政策在海南先行先试，构建多功能自 由贸易账户（下称"EF账户"）体系，开展跨境投资高水平试点、跨境资管业务试点等工作，金融开放 创新蹄疾步稳。2025年1月至11月，海南省跨境收支规模达到1016.1亿美元，2020年以来年均增长率达 55%。跨境人民币结算规模持续扩大，1月至11月海南省人民币跨境收付额达4845亿元，同比增长 7.8%。 近年来，中国人民银行积极推动EF账户建设工作，进一步完善相关跨境资金流动管理政策。2024年5月 6日，海南自贸港EF账户正式上线运行。截至2025年10月末，海南已有11家银行上线EF账户，EF账户发 生业务量折合人民币2689亿元；开户主体通过EF账户与80个国家（地区）发生资金划转。 跨境资金流动自由便利是海南自贸港的主要政策制度之一 ...

Group 1 - The EF account has been successfully launched by the National Development Bank Hainan Branch, marking a significant step in supporting the construction of Hainan Free Trade Port [1][2] - A total of 11 banks in Hainan have now launched the EF account, which is a crucial financial infrastructure for the free trade port, facilitating the free flow of cross-border funds [1] - The EF account system went live in May 2024, with 10 banks participating in the initial pilot phase [1] Group 2 - The launch of the EF account positions the National Development Bank as the first policy bank to have both EF and FT accounts within the free trade accounting system [2] - The Hainan branch of the National Development Bank plans to enhance its role in policy finance and leverage the advantages of the EF account to innovate bookkeeping services in Hainan [2] - The bank aims to provide superior financial services to support Hainan's development as "two bases," "two hubs," and "two networks," promoting high-level openness of the Hainan Free Trade Port [2]

Group 1 - Hainan Natural Rubber Industry Group has successfully conducted cross-border RMB direct loan replacement for foreign currency financing in collaboration with China Ping An Bank, saving financing costs of 1 million yuan [1] - The company was recognized as a cross-border capital centralized operation center in Hainan Free Trade Port, marking the first offshore debt loan business for a state-owned enterprise in Hainan [1][3] - The establishment of cross-border capital centralized operation centers is a key policy for enhancing global capital management capabilities for enterprises in Hainan Free Trade Port [3][6] Group 2 - The cross-border capital centralized operation center acts as a "fund command center" for enterprises in Hainan Free Trade Port, helping to reduce financial costs and improve capital efficiency [6] - The center allows companies to manage multiple currencies, enhancing their ability to integrate global resources and receive international financial services [6] - The multi-functional free trade account in Hainan Free Trade Port supports enterprises' cross-border capital needs, improving debt management and reducing costs [3][6]

Core Viewpoint - Hainan Free Trade Port is becoming a hub for multinational companies, facilitating cross-border capital flow through the implementation of the multi-functional EF account, which is seen as a significant financial infrastructure for the port's operations [1][4]. Summary by Sections EF Account Overview - The EF account is a unified onshore and offshore currency account system established by banks in Hainan Free Trade Port, categorized into four types based on the account holder: EFE, EFN, EFF, and EFU accounts [3]. - The EF account enhances the efficiency of fund transfers between domestic and foreign accounts, significantly improving the convenience of cross-border trade and investment for enterprises [3]. Benefits for Enterprises - Enterprises can complete cross-border fund transfers for current account transactions with just a payment instruction, eliminating the need for extensive documentation and approval processes [3]. - The EF account allows businesses to bypass restrictions related to foreign debt and cross-border financing, reducing operational costs and barriers [3]. Application and Impact - The EF account's application scenarios are expanding, covering various financial activities such as cross-border trade settlement, foreign exchange transactions, loans, and foreign investment [4]. - The account supports multiple currencies, including USD, EUR, and JPY, allowing companies to choose between onshore and offshore exchange rates for better financial management [4]. Efficiency and Growth - Companies report significant improvements in the efficiency of cross-border transactions, with processes that previously took 1-2 days now completed in 2-3 hours [6]. - As of August 2025, the China Bank Hainan branch has opened EF accounts for 61 market entities, processing 601 transactions totaling 27.929 billion yuan, with the provincial banking system having over 500 EF accounts and a transaction volume exceeding 170 billion yuan [6]. Future Prospects - The EF account is expected to provide robust financial support for higher levels of openness in Hainan Free Trade Port post-closure, with ongoing adjustments to policies and rules to meet the diverse financial needs of enterprises engaged in international trade [7].

Core Viewpoint - The establishment of the EF account system in Hainan Free Trade Port facilitates cross-border capital flow, enhancing the efficiency and convenience for enterprises in international trade and investment [1][2]. Group 1: EF Account Overview - The EF account is a unified foreign and domestic currency account system established by banks in Hainan Free Trade Port, designed to streamline cross-border capital transactions [1]. - There are four types of EF accounts based on the account holder: EFE accounts for domestic institutions, EFN accounts for overseas institutions, EFF accounts for overseas individuals, and EFU accounts for domestic and foreign financial institutions [1]. Group 2: Benefits for Enterprises - Enterprises can complete cross-border fund transfers with just a payment instruction, eliminating the need for extensive documentation and approval processes, thus lowering operational costs [2]. - The EF account supports multiple currencies, including USD, EUR, and JPY, allowing enterprises to choose between onshore and offshore exchange rates for better financial management [2]. Group 3: Efficiency and Growth - The EF account has significantly improved the efficiency of cross-border transactions, reducing processing time from 1-2 days to 2-3 hours [3]. - As of August 2025, the number of cross-border settlement transactions has doubled compared to the previous year, with a notable increase in offshore trading activities [3]. Group 4: Future Prospects - The EF account will continue to provide robust financial support for higher levels of openness in Hainan Free Trade Port, adapting policies to meet the diverse financial needs of enterprises engaged in international trade [4].

Core Viewpoint - Hainan Free Trade Port is becoming a strategic hub for multinational companies to connect domestic and international markets, with the recent approval of cross-border capital centralized operation centers marking a significant step in financial openness [1][6]. Group 1: Cross-Border Capital Centralized Operation Centers - The cross-border capital centralized operation centers are key nodes for multinational companies to manage the circulation of funds between domestic and international markets [2]. - These centers are independent legal entities registered and operating within Hainan Free Trade Port, responsible for managing the foreign and domestic currency funds of multinational company subsidiaries [3]. - Hainan Rubber Industry Group, one of the first recognized centers, has expanded its international business through overseas acquisitions, becoming the world's largest natural rubber multinational enterprise [4]. Group 2: Benefits and Policies - The approval of the cross-border capital centralized operation center enhances global resource integration capabilities and provides international financial service support, leveraging tax incentives and cross-border capital facilitation [4][5]. - The centers utilize EF accounts for overseas loans, foreign investments, and cross-border fund allocation, improving the convenience of capital flow and addressing security concerns amid complex international geopolitical situations [5]. - The combination of multiple financial policies, including tax incentives and high-level openness in cross-border trade and investment, has created a favorable environment for the establishment of these centers [6]. Group 3: Economic Impact and Financial Ecosystem - The establishment of cross-border capital centralized operation centers is expected to drive the growth of cross-border financial demand, supported by the launch of multi-functional EF accounts [7]. - As of July 28, 2023, 10 banks in Hainan have opened 483 EF accounts, facilitating a total fund flow equivalent to 172.6 billion RMB, enhancing the efficiency of fund utilization and cross-border operations [7]. - The evolving financial ecosystem in Hainan, characterized by policy integration and infrastructure upgrades, is providing robust financial support for enterprises' international operations [8].

Core Viewpoint - Hainan Province successfully issued 5 billion RMB in bonds in Hong Kong, including sustainable development bonds, blue bonds, and the first space-themed local government bonds, with strong investor interest and oversubscription [1][2] Group 1: Bond Issuance Details - The bond issuance includes 2.5 billion RMB in 3-year sustainable development bonds, 1.5 billion RMB in 5-year blue bonds, and 1 billion RMB in 10-year space-themed bonds [1] - The bonds will be listed on the Hong Kong Stock Exchange and are aimed at funding marine protection, livelihood security, and key research and infrastructure projects in the aerospace sector [1] - The peak order size reached 22.8 billion RMB, with a subscription multiple exceeding 4.5 times, and the final pricing for the bonds was set at 1.73%, 1.83%, and 2.10% respectively [1] Group 2: Role of Bank of Communications - Bank of Communications led a non-deal roadshow from August 24 to 26 to promote Hainan's credit highlights and free trade port features [2] - The bank has been a cornerstone investor for four consecutive years and ranked first in underwriting share as a global coordinator [2] - Following a strategic cooperation agreement with Hainan Province in April 2023, the bank aims to contribute to the financial openness of Hainan Free Trade Port, especially as 2025 marks a significant year for the port's operations [2]