The People's Bank of China and the State Administration of Foreign Exchange have decided to promote the integrated RMB and foreign currency cash pooling business of multinational corporations nationwi

PANews reported on December 26th that, according to Jinshi News, the People's Bank of China and the State Administration of Foreign Exchange issued a notice regarding matters related to the integrated RMB and foreign currency cash pooling business of multinational corporations. The notice states that, to further facilitate the collection and use of funds by multinational corporations, deepen high-level financial opening-up, 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 experience gained from pilot programs in some regions, have decided to promote the integrated RMB and foreign currency cash pooling business of multinational corporations nationwide. Financial institutions, local government financing platforms, and real estate companies are prohibited from participating in cash pooling business, with the exception of finance companies acting as the lead entity.