On September 14, the new policy for centralized operation of domestic and foreign currencies for multinational corporations was fully rolled out nationwide, lifting regional pilot restrictions and substantially lowering barriers for cross-border capital management. It serves as a critical financial measure to stabilize foreign trade and investment. The policy upgrade mainly benefits small and medium-sized multinational firms, breaking the long-standing pattern where only large corporations could access cross-border capital pool benefits.

The new rules optimize two core areas. First, regional pilot limits are fully removed, enabling nationwide enterprises to apply for centralized domestic and foreign currency capital management. Second, thresholds for enterprises in free trade zones are reduced, with simplified filing procedures and shorter approval cycles. Through capital pools, companies can consolidate idle capital at home and abroad, unify revenue and expenditure allocation, and effectively cut cross-border settlement costs while mitigating exchange rate risks.

For a long time, small and medium cross-border enterprises have struggled with scattered funds, cumbersome settlement and high financing costs, leading to low capital utilization. After the policy launch, these firms can achieve intensive cross-border capital management, revitalize existing funds, improve turnover efficiency and strengthen competitiveness in overseas markets.

The central bank and foreign exchange authority stated that this expansion aims to continuously optimize cross-border financial services and help foreign trade enterprises reduce costs and boost efficiency. As the policy is fully implemented, it will further smooth cross-border capital circulation, stabilize the fundamentals of cross-border trade and investment, and inject lasting momentum into real economy opening-up.