my country expands the pilot program of integrated domestic and foreign currency capital pools for multinational corporations

On July 22, I learned from the People's Bank of China that the People's Bank of China and the State Administration of Foreign Exchange have decided to launch the second batch of pilot projects of integrated domestic and foreign currency capital pools for multinational companies in Shanghai, Guangdong, Shaanxi and other places to facilitate cross-border funds of multinational companies and enterprises.
Coordinate use
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In order to strengthen the policy support for the economic development of the headquarters, the People's Bank of China and the State Administration of Foreign Exchange have recently decided to launch the second batch of pilot projects for the integration of local and foreign currency capital pools for multinational companies in Shanghai, Guangdong, Shaanxi, Beijing, Zhejiang, Shenzhen, Qingdao, Ningbo and other places to further optimize management policy
.

According to a relevant person from the People's Bank of China, the main contents of the pilot policy include: firstly, increasing the number of pilot areas and enterprises; secondly, allowing multinational companies to handle domestic and foreign currency centralized collection and payment services of overseas member enterprises; thirdly, further facilitating multinational companies to conduct business in RMB Cross-border receipts and payments business
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It is reported that in recent years, the People's Bank of China and the State Administration of Foreign Exchange have actively supported the construction of a new system of a higher-level open economy, and have continuously facilitated the use of cross-border funds by multinational companies
.
In March 2021, the People's Bank of China and the State Administration of Foreign Exchange launched the first batch of pilot projects for the integrated domestic and foreign currency capital pool business of multinational companies in Beijing and Shenzhen
.
Since the pilot program, the centralized operation of cross-border funds has handled a total of nearly 50 billion US dollars, which has significantly improved the overall efficiency of cross-border funds in local and foreign currencies of multinational companies, and effectively reduced exchange risks and financial costs for enterprises
.

According to reports, in the next step, the People's Bank of China and the State Administration of Foreign Exchange will continue to promote the facilitation of cross-border trade, investment and financing, and strive to create a market-oriented and legalized international business environment to support the stable and healthy development of the foreign-related economy
.