The People's Bank of China and the State Administration of Foreign Exchange: Decided to promote the integration of domestic and foreign currency funds of multinational companies across the country.

The People's Bank of China and the State Administration of Foreign Exchange have decided to promote the integrated fund pool business of multinational companies in the whole country based on summarizing the pilot experience of some regions in the previous period. The multinational companies referred to in this notice are a business group composed of domestic and foreign parent companies, subsidiaries, equity companies, and other member enterprises or institutions linked by capital. The integrated fund pool business of multinational companies refers to the centralized operation and management of domestic and foreign funds in different currencies according to their own operational and management needs, including fund collection and transfer, centralization of funds for regular activities, and settlement of net differences. Financial institutions, local government financing platform companies, and real estate enterprises are not allowed to participate in the fund pool business, with the exception of financial companies acting as the sponsoring entity. When multinational companies engage in fund pool business, they should apply for registration with the local branch of the State Administration of Foreign Exchange in the province, autonomous region, municipality directly under the central government, or state-planned cities where the sponsoring entity is located. The application materials can be submitted by the sponsoring entity or a cooperating bank authorized by the sponsoring entity to the local branch of the State Administration of Foreign Exchange.