The central bank and two other departments: decided to promote the centralized operation of multinational companies' domestic and foreign currency cross-border capital operations throughout the country

The Zhitong Finance App learned that on August 14, in order to further facilitate the collection and use of funds by multinational corporate groups, the People's Bank of China and the State Administration of Foreign Exchange jointly issued the “Notice Concerning Matters Relating to the Centralized Operation of Multinational Corporations' Local and Foreign Currency Cross-border Capital Operations” to launch a nationwide centralized operation of multinational companies' domestic and foreign currency cross-border capital operations. The “Notice” will come into effect on September 14, 2026.

The contents of the “Notice” include: First, supporting small and medium-sized multinational companies to carry out business on a wider scale. The pilot policy for centralized operation of multinational companies' domestic and foreign currency cross-border capital will be extended to the whole country, benefiting more business entities. If the host company is registered in the Pilot Free Trade Zone, the pool construction threshold can be further lowered to continue to release policy dividends. The second is to facilitate the collection and transfer of capital and cross-border capital in foreign currencies by multinational companies. Centralize the foreign debt and overseas loan amounts of member enterprises, allow multinational companies to independently determine the collection ratio, use the same account to manage local and foreign currency funds, achieve overall allocation at the group level and flexible use at the member enterprise level, and encourage priority use of local currency to carry out business. The third is to simplify the business filing and registration process. The “one window” of the branch office of the State Administration of Foreign Exchange where the host enterprise is located carries out business registration, and the registration of some changes is handled by the partner bank, reducing the “foot costs” of the enterprise. At the same time, clarify business processing regulations and ex post facto supervision requirements to effectively prevent the risk of cross-border capital flows.

The original text is as follows:

Notice of the State Administration of Foreign Exchange of the People's Bank of China on matters relating to the centralized operation of multinational companies' local and foreign currency cross-border capital operations (Yinfa [2026] No. 163)

The Shanghai headquarters of the People's Bank of China, branches of all provinces, autonomous regions, municipalities directly under the Central Government and planned separate municipalities; branches of the State Administration of Foreign Exchange; China Development Bank, various policy banks, state-owned commercial banks, postal savings banks of China, and various joint stock commercial banks:

In order to further facilitate the collection and use of funds by multinational corporate groups, deepen high-level financial openness, and support the high-quality development of the real economy, the People's Bank of China and the State Administration of Foreign Exchange have decided to promote the centralized operation of multinational companies' domestic and foreign currency cross-border capital operations throughout the country. The relevant matters are hereby notified as follows.

1. The multinational corporation referred to in this notice refers to an enterprise consortium composed of domestic and foreign parent companies, subsidiaries, participating companies, etc. using capital links as links. A multinational corporation's domestic and foreign currency cross-border capital operation business (hereinafter referred to as capital pool business) refers to the centralized operation and management of domestic and foreign currency funds by a multinational company according to its own operating and management needs, and carries out operations such as capital collection and surplus transfer, centralized payment of current account funds, and net settlement of rolling differences.

Financial institutions, local government financing platform companies, and real estate companies are not allowed to participate in capital pooling operations, with the exception of finance companies acting as hosts.

2. Member companies refer to domestic and foreign companies and their branches that participate in capital pool business, have direct or indirect shareholding relationships within multinational companies, or are controlled by the same parent company as the host enterprise. A multinational company designates a domestic member enterprise with independent legal personality as the host enterprise, which is responsible for carrying out the main business filing, implementation, data reporting, and situation feedback.

3. Multinational companies that carry out capital pooling business must meet the following conditions:

(1) Have real business needs.

(2) It has a perfect cross-border fund management structure and internal control system.

(3) Establish corresponding electronic internal management systems.

(4) The total balance of payments of all domestic member enterprises in local and foreign currency for the previous year was not less than the equivalent of 700 million yuan; or the total operating income of all domestic member enterprises for the previous year was not less than 1 billion yuan, and the total operating income of all overseas member enterprises for the previous year was not less than the equivalent of 200 million yuan.

The host company registered a multinational company in the Pilot Free Trade Zone to carry out capital pool business. The total balance of payments of all domestic and foreign currency companies in the previous year was not less than 350 million yuan; or the total operating income of all domestic member companies in the previous year was not less than 500 million yuan, and the total revenue of all overseas member companies in the previous year was not less than 100 million yuan equivalent.

(5) There have been no major cross-border payment business violations in the past two years. Enterprises established less than two years ago have not committed major cross-border payment business violations since the date of establishment.

(6) Where the host enterprise and other member enterprises are on the trade foreign exchange balance list, the classification results for trade in goods shall be Class A.

(7) The total number of domestic and foreign member enterprises shall not be less than three.

(8) If an overseas member enterprise is established for domestic enterprise investment, it shall comply with the country's regulations relating to overseas investment.

(9) Domestic member companies have not been included in the key supervision list for cross-border RMB business.

When the goods trade classification results of the host enterprise are downgraded to Class B or C or included in the key supervision list for cross-border RMB business, the branch office of the State Administration of Foreign Exchange where the host enterprise is located notifies the multinational company to change the host company; when the goods trade classification results of other member companies are downgraded to Class B or C or included in the key supervision list for cross-border RMB business, the host enterprise shall terminate its business and change the member enterprise in accordance with Section 6 of this Notice.

If the host company is a finance company, it shall also comply with the regulations of the industry management department.

4. Multinational companies shall select domestic banks within the provincial region where the host enterprise is located that meet the following conditions as cooperative banks to handle capital pooling operations (hereinafter referred to as cooperative banks):

(1) Has international settlement capabilities and foreign exchange settlement business qualifications, and has carried out bank foreign exchange business compliance and prudential management assessments of Class B (inclusive) or above in the past two years.

(2) There have been no major offenses in carrying out cross-border payment and foreign exchange settlement business in the past two years.

(3) There are complete internal anti-money laundering control systems and measures, and there are no major flaws in fulfilling anti-money laundering obligations.

(4) Other prudential supervision conditions stipulated by the People's Bank of China and the State Administration of Foreign Exchange.

Cooperative banks that do not meet the above requirements in continuing operations can only handle registered business for customers that have already carried out fund pool business, and must not add new business categories or new fund pool customers to original fund pool customers.

5. When a multinational corporation carries out capital pooling business, it shall apply to the branch office of the State Administration of Foreign Exchange where the host enterprise is located for filing and registration. Application materials may be submitted by the host enterprise or a cooperative bank commissioned by the host enterprise. Application materials include:

(1) Basic materials.

1. The application includes the basic situation of the multinational company and the host enterprise, the type of business to be carried out, the balance of payments of all domestic and foreign member companies in the previous year or the audited operating income of all domestic and foreign member companies, the cross-border payment business violation situation in the past two years, the list of all domestic and foreign member companies, the shareholding structure and classification of goods trading enterprises, the compliance status of domestic enterprises investing in the establishment of overseas member enterprises, the status of banks to be selected, the cross-border fund management structure, internal control management and system construction status, etc.

2. A letter of authorization from a multinational company to carry out capital pooling business for the host company.

3. Fund pool business agreements signed by the host company with other member companies or proof issued by a multinational company that clearly states the rights and obligations of each party and that all parties agree to.

4. “Certificate of Processing for the Centralized Operation of Multinational Corporations' Local and Foreign Currency Cross-border Funds” signed by the host company and the partner bank (see Annex 1).

5. A copy of the business license of the host company and other domestic member companies.

6. Registration documents for overseas member companies. If the registration documents are not in Chinese, a Chinese translation must also be provided.

7. If the host company is a finance company, it must provide a financial business license and business scope approval documents.

8. Authorization letter from the host company to entrust the partner bank to handle the filing and registration (if any).

The material in item 2 above shall be stamped with the official seal of the multinational company (if any), the material in item 3 shall be stamped with the official seal of the host enterprise and other member companies or multinational companies (if any), and the rest of the materials shall be stamped with the official seal of the host enterprise.

(2) Special materials.

1. Those applying for centralized management of foreign debt amounts: The list in the application form indicates the names of domestic member enterprises participating in the concentration of foreign debt amounts, the place of registration, the audited shareholders' equity status of each domestic member enterprise for the previous year, the amount of foreign debt to be concentrated, and a copy of the previous year's balance sheet of the member enterprise contributing to the foreign debt amount is provided.

2. Those applying for centralized management of overseas loan amounts: The list in the application form indicates the names of domestic member enterprises participating in the concentration of overseas loan amounts, the unified social credit code, the place of registration, the audited shareholders' rights status of each domestic member enterprise for the previous year, the proposed centralized overseas loan amount, and a copy of the previous year's balance sheet of the member enterprise contributing overseas loan amounts.

3. Those applying for centralized payment of current account funds and net margin settlement: The list in the application form indicates the name, unified social credit code, and place of registration of domestic member enterprises participating in the centralized payment of current account funds and net margin settlement.

All of the above special materials shall be stamped with the official seal of the host company.

(3) If the basic materials and special materials mentioned above are unclear, inaccurate, etc., and the content needs to be verified, the branch office of the State Administration of Foreign Exchange where the host enterprise is located may request the completion of the application materials or written explanations.

The branch office of the State Administration of Foreign Exchange, where the host company is located, together with the local branch of the People's Bank of China, reviews the application materials, completes the filing procedures, and issues a notice of receipt (see Annex 2).

The host company shall open a domestic capital master account and actually carry out fund pool business within one year after issuing the notice of registration; otherwise, the filing notice expires one year after the filing notice is issued.

6. If the following changes occur during the capital pool business of a multinational company, the host enterprise shall apply to the branch office of the State Administration of Foreign Exchange where the host enterprise is located to register the change within 30 days from the date of the change. The application materials may be submitted by the host enterprise or a partner bank commissioned by the host enterprise. Application materials include:

(1) Where the partner bank changes:

1. Change the partner bank application, including the status of the partner bank to be selected, the processing method of the original account balance, etc.

2. Original account balance statement with an official banking seal (no need to provide additional partner banks).

3. The “Multinational Corporations' Local and Foreign Currency Cross-border Fund Centralized Operation Certificate” signed by the host company and the partner bank after the change.

(2) Where there is a change in the host enterprise, type of business, foreign debt, foreign loan amount, etc., submit materials relating to the changes in accordance with section 5 of this Notice.

The branch office of the State Administration of Foreign Exchange where the host enterprise is located shall, in accordance with relevant regulations, work with the local branch of the People's Bank of China to review the change application materials, complete the change filing procedure, and issue a change filing notice.

If a member company changes that do not involve foreign debt or foreign loan amounts, the host company shall report to the partner bank within 30 days from the date of the change, and also submit a copy of the filing notice, a statement of the relevant circumstances of the enterprise involved in the change, and supporting documents relating to the changed matters (such as the changed business license, etc.). Cooperating banks complete change procedures in the banking version of the “Digital Outsourcing” platform and the relevant modules of the RMB Cross-border Payment Information Management System (RCPMIS) in accordance with the application requirements of the host company.

7. Where a multinational company intends to stop handling the fund pool business, the host enterprise shall apply to the branch office of the State Administration of Foreign Exchange where the host enterprise is located for cancellation of registration after settling the relevant claims and debts and closing the domestic capital master account. The application materials may be submitted by the host enterprise or a cooperative bank commissioned by the host enterprise. Application materials include:

(1) The application includes circumstances relating to the concentration of foreign debt amounts and overseas loan amounts for fund pooling operations, foreign-related payments and foreign exchange transactions, and the closure of domestic capital master accounts.

(2) The original filing notice.

The branch office of the State Administration of Foreign Exchange where the host enterprise is located shall, in accordance with relevant regulations, work with the local branch of the People's Bank of China to review the cancellation application materials, complete the cancellation filing procedure, and withdraw the original filing notice.

8. Multinational companies shall comply with the following requirements when carrying out foreign debt concentration business:

(1) The foreign debt risk weighted balance of a multinational corporation at any point in time shall not exceed its concentrated amount of external debt.

Concentrated amount of foreign debt of multinational companies = (the host company's audited shareholders' equity for the previous year+Sigma domestic member companies' audited shareholders' equity for the previous year* concentration ratio) * cross-border financing leverage ratio* macroprudential adjustment parameters.

Multinational companies' external debt risk weighted balance = sigma foreign currency external debt balance+sigma foreign currency external debt balance* exchange rate risk conversion factor.

In the initial period, the leverage ratio for cross-border financing was 2, the macroprudential adjustment parameter was 1.75, and the exchange rate risk conversion factor was 0.5.

The finance company, as the host enterprise, shall not participate in the concentration of foreign debt amounts.

(2) Domestic member enterprises may decide the concentration ratio of their foreign debt amounts on their own, and adjust them at most once a year. For foreign debt amounts that have not been concentrated, member companies can handle foreign debt business through their own external debt accounts in accordance with relevant regulations.

(3) Within the centralized amount of external debt, if the host enterprise borrows foreign debt itself as the actual borrower, or uses a member enterprise as the actual borrower to borrow foreign debt on its behalf, it shall be processed through the host enterprise's domestic capital master account.

In principle, the currencies for foreign-related payments under the foreign debt concentration business shall be consistent, and cross-currency arbitrage between RMB and foreign currencies shall not be carried out.

(4) After the filing notice is issued, the branch office of the State Administration of Foreign Exchange where the host enterprise is located shall apply for a one-time foreign debt registration for the host enterprise in accordance with the registered foreign debt concentration amount in the relevant information system of the State Administration of Foreign Exchange.

9. Multinational companies carrying out overseas loan concentration business shall comply with the following requirements:

(1) The risk-weighted balance of overseas loans of a multinational corporation at any point in time shall not exceed its concentrated amount of overseas loans.

Overseas loan concentration amount for multinational companies = (the host company's audited shareholders' equity for the previous year+the domestic member companies' audited previous year* concentration ratio) *overseas loan leverage ratio* macroprudential adjustment factor for overseas loans.

Multinational companies' overseas loan risk weighted balance = sigma foreign currency overseas loan balance+sigma foreign currency overseas loan balance* currency conversion factor.

In the initial period, the leverage ratio for overseas loans was 1, the macroprudential adjustment factor for overseas loans was 0.6, and the currency conversion factor was 0.5.

Finance companies, as host companies, shall not participate in the concentration of overseas loan amounts.

(2) Domestic member enterprises may decide the concentration ratio of overseas loan amounts on their own, and adjust them at most once a year. For overseas loan amounts that have not been concentrated, member companies can handle overseas loan services through their own special overseas loan accounts in accordance with relevant regulations.

(3) Within the centralized overseas loan amount, if the host enterprise uses itself as the actual lender to make overseas loans or uses the member enterprise as the actual lender to make overseas loans on its behalf, it shall process it through the host enterprise's domestic capital master account.

In principle, the currencies for foreign-related payments under the overseas loan amount concentration business shall be consistent, and cross-currency arbitrage between RMB and foreign currencies shall not be carried out.

Overseas loan funds must not be used in violation of the relevant national laws and regulations, must not circumvent the administrative requirements of foreign direct investment, securities investment, etc. in disguise, and must not be directly or indirectly used for expenses outside the scope of the borrower's business.

(4) After the filing notice is issued, the branch office of the State Administration of Foreign Exchange where the host enterprise is located shall register a one-time overseas loan amount for the host enterprise in accordance with the registered centralized amount of overseas loans in the relevant information system of the State Administration of Foreign Exchange.

10. Multinational companies carrying out centralized payment of current account funds or net margin settlement business shall comply with the following requirements:

Centralized payment of current account funds means that the host enterprise centrally acts on behalf of domestic member enterprises to handle current account income and expenditure through a domestic capital master account.

Net current account margin settlement refers to a method of operation where the host enterprise centrally accounts for funds receivable and payable under the current account of its domestic and foreign member companies and consolidates payment transactions within a certain period of time into a single transaction. In principle, the net rolling margin is settled no less than once every natural month.

Multinational companies can handle centralized payment of current account funds or net margin settlement services through host companies according to business needs. After the filing notice is issued, the branch office of the State Administration of Foreign Exchange where the host enterprise is located shall register the host enterprise's current account fund concentration and margin settlement income and expenditure business in the relevant information system of the State Administration of Foreign Exchange.

According to regulations, domestic member enterprises shall handle business with the “Goods Trade Foreign Exchange Business Registration Form” in accordance with the relevant regulations, and shall not participate in centralized payment of current account funds and net settlement of margin balances.

If a multinational company ceases to handle centralized payment of current account funds and net margin settlement services, the host enterprise shall notify the partner bank within 30 days after the suspension, and report to the branch office of the State Administration of Foreign Exchange where the host enterprise is located, either by itself or by entrusting the partner bank.

11. Cooperative banks can apply high-quality enterprise trade foreign exchange facilitation policies, high-level open cross-border trade pilot, and higher level trade and investment facilitation pilot measures (hereinafter referred to as facilitation policies) when handling centralized current account fund payments and net margin settlement services for multinational corporate capital pool hosts and other member enterprises that meet the following conditions:

(1) Cooperative banks shall be pilot banks that meet the requirements of corresponding facilitation policies.

(2) In principle, enterprises hosting multinational capital pools and other member enterprises are all high-quality enterprises piloting corresponding facilitation policies, except where the host enterprise is a finance company or has no foreign trade-related income or expenditure itself.

Multinational company host enterprises and other member enterprises shall abide by the relevant provisions of the facilitation policy when carrying out foreign exchange business with centralized payment of current account funds and net settlement of margin balances, and indicate the words “pilot trade facilitation” or “high-level facilitation pilot” in the notes to the foreign exchange data submission transaction.

12. The host enterprise shall open a domestic capital master account with the partner bank to handle the fund pool business. At the same time, according to business needs, you can select an overseas member company, open a domestic foreign exchange or RMB account (NRA account) with an overseas institution with a partner bank, and centrally operate and manage the funds of the overseas member enterprise.

Domestic capital master accounts can be multi-currency (including RMB) accounts. There is no limit on the number of accounts opened, but they should meet prudential supervision requirements; domestic capital master accounts allow day and overnight overdrafts; overdraft funds can only be used for external payments, and priority should be given to repayment of overdraft funds after receiving funds.

13. The domestic capital main account income and expenditure range is as follows:

(1) Scope of income.

1. Current account income of domestic member companies.

2. Transfer of funds from domestic member companies' RMB bank settlement accounts (except RMB foreign debt fund deposit accounts that do not participate in centralized concentration), current account accounts, capital fund accounts, and capital project settlement accounts.

3. Foreign debt incorporated within the centralized amount and principal and interest recovered from overseas loans.

4. Foreign exchange purchase deposit (funds obtained from foreign exchange purchases, overseas loans, or repayment of foreign debt under the current account).

5. Deposit principal and interest.

6. Funds transfer income from other domestic capital master accounts of the same host enterprise.

7. Other income as specified by the People's Bank of China and the State Administration of Foreign Exchange.

Foreign exchange loans borrowed by domestic member enterprises of multinational companies from domestic depository financial institutions shall not enter the main domestic capital account, except as otherwise stipulated by the People's Bank of China and the State Administration of Foreign Exchange.

(2) Scope of expenditure.

1. Current account expenses of domestic member companies.

2. Transfer to domestic member companies' RMB bank settlement accounts, current account accounts, capital fund accounts, and capital project settlement accounts.

3. Concentrate domestic and foreign loans and repayment of foreign debt principal and interest.

4. Remittance is used for domestic expenses that meet the requirements.

5. Deposit transfer.

6. Pay the deposit reserve.

7. Other domestic capital master account fund transfer expenses of the same host enterprise.

8. Other expenses specified by the People's Bank of China and the State Administration of Foreign Exchange.

14. Foreign debt funds borrowed by the host enterprise through the main domestic capital account do not violate relevant regulatory rules. If the member company makes its own payments, RMB foreign debt funds can be transferred from the domestic capital master account to the member companies' domestic RMB bank settlement account, and foreign currency foreign debt funds can be directly transferred from the domestic capital master account to the member enterprise's foreign debt account to handle related business.

15. The main domestic capital account can centrally handle foreign exchange settlement under current accounts, direct investment, foreign debt, and overseas loans.

Foreign exchange funds collected by domestic member companies under foreign direct investment (including foreign exchange capital, capital project settlement account funds), as well as foreign currency foreign debt funds and recovered foreign currency foreign loan principal and interest collected by the host company within the registered centralized amount, can go through settlement procedures according to the desired settlement method or payment settlement method within the domestic capital master account. RMB funds obtained from settlement may not enter the capital project-settlement account to be paid, and are still stored in the domestic capital master account.

16. When processing the payment and use of capital project income in the main account of domestic capital, the host enterprise can directly process it with the partner bank on the premise that the transaction involved is true and compliant, and there is no need to provide proof of authenticity to the partner bank one by one in advance.

17. The opening of a domestic capital master account and the use of funds shall comply with the relevant regulations of the People's Bank of China and the State Administration of Foreign Exchange, and the domestic use of funds under capital collected in the main account of domestic capital shall comply with the administrative requirements relating to the negative list of capital project income use.

18. The host company carries out current account payments and foreign exchange settlement through the main domestic capital account, including centralized payments and net margin settlement, etc. Cooperative banks shall complete the relevant formalities in accordance with the principles of the exhibition business. Where the nature of the funds is unclear, the partner bank shall require the host company to provide relevant documents. Foreign payments for items such as trade in services are still required to submit a paper or electronic tax filing form in accordance with regulations.

According to the relevant regulations, the host enterprise shall go to the branch office of the State Administration of Foreign Exchange where the host enterprise is located to complete the registration procedure with the “Goods Trade Foreign Exchange Business Registration Form”.

The host company and other domestic member enterprises shall promptly and accurately report on trade credit, trade finance, etc. through the “Digital Outsourcing” platform's Internet-based goods trade-related modules in accordance with the foreign exchange management regulations for trade in goods.

19. When integrating and repaying foreign debt funds through the main account of domestic capital, financing and recovering overseas loan funds, processing centralized payment of current account funds or net margin settlement, etc., the host enterprise shall make statistical reports on foreign-related payments and payments in strict accordance with relevant regulations and submit relevant account information.

When processing domestic transfers of businesses such as centralized payment of funds under current accounts or net margin settlement through a domestic capital master account, the host enterprise shall report actual domestic transfer payment data and restoration data in accordance with the relevant regulations on reinstatement declarations for foreign-related payments.

Where the host enterprise is a finance company or designated reporting entity, it shall also make statistical reports on external financial assets, liabilities and transactions.

20. Cooperative banks shall jointly develop management systems for capital pool business with multinational companies, including but not limited to business models, operating procedures, internal control systems, organizational structures, system construction, risk prevention and control measures, data monitoring methods, and technical service guarantee plans, etc., and keep them for inspection.

Cooperative banks shall earnestly fulfill the data reporting obligations of the RMB Cross-border Payment Information Management System, and promptly, completely and accurately submit basic information on fund pool operations, domestic and foreign currency cross-border payments, accounts and balances to the RMB Cross-border Payment Information Management System.

Cooperating banks shall review business data submitted by enterprises and submit relevant account information, foreign-related payment statistics reports, domestic fund transfers, and foreign exchange settlement data in a timely, complete and accurate manner in accordance with regulations.

Cooperating banks and host companies shall each keep relevant documents and documents that fully prove the truth and legality of their transactions for five years for inspection.

Cooperative banks are required to establish monitoring and evaluation mechanisms, regularly evaluate fund pool operations, and assist in off-site monitoring. When handling fund pool business, authenticity and compliance reviews should be carried out in accordance with exhibition principles such as “understanding the customer,” “understanding the business,” and “due diligence,” and effectively fulfilling anti-money laundering obligations. Any abnormal situation is promptly reported to the local branch of the People's Bank of China and the branch office of the State Administration of Foreign Exchange.

21. Branches of the People's Bank of China and branches of the State Administration of Foreign Exchange should strengthen in-fact and ex post facto supervision of multinational companies' capital pool operations and effectively carry out management duties:

(1) Do a good job in guiding the business of banks and enterprises. Supervise banks to establish operating procedures and internal control systems to provide necessary technical service guarantees. If necessary, the host company may be requested to conduct a special audit of the compliance etc. of the fund pool business.

(2) Strengthen off-site monitoring and on-site inspection. Make full use of cross-border capital flow monitoring and analysis systems, capital project information systems, etc., to establish a list of multinational companies participating in the capital pool business, comprehensively analyze the foreign-related payments, foreign exchange settlement and account management situations related to the capital pool business, strengthen business monitoring and analysis, and carry out on-site inspections as appropriate.

(3) Conduct risk assessments on a regular or irregular basis. According to specific circumstances and evaluation results, multinational companies and partner banks with high business risks are interviewed, risk reminders are issued, or rectified within a limited period of time; cases are opened, investigated and punished for suspected violations.

22. Multinational companies and partner banks that carry out fund pool business in violation of this Notice, foreign exchange management, and cross-border RMB regulations shall be dealt with by the branch office of the People's Bank of China and the branch office of the State Administration of Foreign Exchange where the host enterprise is located in accordance with the “People's Bank of China Law”, “Foreign Exchange Administration Regulations of the People's Republic of China” and other relevant laws and regulations.

23. In principle, multinational companies that carry out capital pool business in accordance with this Notice shall not handle other cross-border capital pool services, except those that have obtained a cross-border two-way RMB fund pool business registration in accordance with the “Notice of the People's Bank of China on Further Facilitating Cross-border Two-way RMB Fund Pool Business by Multinational Enterprise Groups” (Yinfa (2015) No. 279).

Since the date of implementation of this Notice, new capital pool services (excluding multinational companies' local and foreign currency integrated fund pools) and centralized operation and management of existing multinational companies' cross-border capital will be handled in accordance with this Notice.

24. This notice will take effect on September 14, 2026. Section 3 of the “Notice of the State Administration of Foreign Exchange on Further Promoting Foreign Exchange Management Reform and Improving True Compliance Reviews” (Huifa (2017) No. 3) is no longer applicable, and the “Notice of the State Administration of Foreign Exchange on Issuing the 'Regulations on the Centralized Operation of Cross-border Funds of Multinational Corporations'” (Huifa (2019) No. 7) was abolished at the same time.

The above branches of the People's Bank of China are requested to notify the branches of the People's Bank of China and the branches of the State Administration of Foreign Exchange in an appropriate manner to the branches of the People's Bank of China and the State Administration of Foreign Exchange, urban commercial banks, foreign banks and other financial institutions that set up cross-border RMB business within their jurisdiction.

This article was selected from the official website of the “Central Bank”. Zhitong Finance Editor: Jiang Yuanhua.