The People's Bank of China and the State Administration of Foreign Exchange: Decided to promote the integrated cross-border company foreign and domestic currency pooling business nationwide

PANews December 26 News, according to Jintiao reports, the People’s Bank of China and the State Administration of Foreign Exchange issued a notice regarding the relevant matters of cross-border company onshore and offshore currency integrated fund pool business. The notice mentions that to further facilitate the fund consolidation and utilization of multinational corporate groups, deepen high-level financial opening, and support the high-quality development of the real economy, the People’s Bank of China and the State Administration of Foreign Exchange, based on the summary of pilot experiences in some regions, have decided to promote the cross-border company onshore and offshore currency integrated fund pool business nationwide. Financial institutions, local government financing platform companies, and real estate enterprises are not allowed to participate in the fund pool business, except for financial companies acting as the main sponsor enterprises.