The central bank: Hainan Free Trade Port has completed all three financial closing preparation work

The South Free Trade Port officially started the island-wide border closure on December 18th. It was learned from the People's Bank of China on the 17th that three financial preparations for the border closure have been completed. Firstly, the system for managing cross-border capital flows has been further improved. The People's Bank of China Hainan Branch issued the "Administrative Measures for the Multi-functional Free Trade Account Business of Hainan Free Trade Port", providing institutional guarantee for the free flow of cross-border funds. Secondly, the multi-functional free trade account has been launched online. By the end of October this year, 11 banks in Hainan Province have launched multi-functional free trade accounts, with a business volume equivalent to over 250 billion yuan; funds transfer has been made with entities from 80 countries and regions. Thirdly, the cross-border capital flow monitoring and early warning mechanism has been further improved, and the comprehensive ability to prevent cross-border financial risks has been enhanced.