China expands cross-border cash pooling nationwide; Shanghai firms centralize over 500 billion yuan in debt
China's new policy for multinational corporations to centrally manage cross-border domestic and foreign currency funds took effect on September 14, 2026, expanding a pilot program nationwide. The first eight firms in Shanghai completed filings, centralizing over 500 billion yuan in external debt and over 80 billion yuan in overseas lending quotas. First-batch cases also launched in Tianjin, Zhejiang, Fujian, Shandong, Chongqing, and Sichuan. Foreign banks including HSBC, JPMorgan, and Citibank participated as cooperative banks.
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Shanghai's First Eight Multinationals Centralize Over 500 Billion Yuan in External Debt
According to a report from Securities Times, citing the People's Bank of China (PBOC) Shanghai Headquarters, the first eight multinational corporations (MNCs) in Shanghai have completed business filings for the new cross-border local and foreign currency centralized fund management business (the 'low-version fund pool'), which took effect on September 14, 2026. These eight MNCs involve 55 domestic member enterprises and 10 overseas member enterprises, centralizing external debt quotas exceeding 500 billion yuan and overseas lending quotas exceeding 80 billion yuan. The policy, formally announced in August 2026 by the PBOC and the State Administration of Foreign Exchange, expands a pilot program from June 2023 in Beijing, Guangdong, and Shenzhen to the whole country. It lowers the entry threshold for fund pool businesses, especially for companies registered in free trade zones, simplifies registration procedures, and allows MNCs to independently decide fund pooling ratios. Multiple foreign banks, including HSBC, JPMorgan Chase, Citibank, DBS, and Standard Chartered, have announced their participation as the first batch of cooperative banks. Executives from HSBC and JPMorgan stated that the policy expansion helps boost foreign MNCs' confidence in the Chinese market and supports the high-quality development of the real economy.
Read sourceShanghai's First 8 Multinationals Complete Cross-Border Fund Pool Filing, Aggregating Over 50 Billion Yuan in External Debt
Shanghai's first eight multinational corporations have completed business filings under the new cross-border fund pool policy, which took effect on September 14, 2026. The policy, officially named the 'low-version fund pool,' was expanded nationwide by the People's Bank of China and the State Administration of Foreign Exchange in August 2026. The eight companies, covering 55 domestic and 10 overseas member entities, have aggregated over 50 billion yuan in external debt quotas and over 8 billion yuan in overseas lending quotas. The policy lowers the threshold for establishing such pools, especially for companies in free trade zones, and simplifies the filing process. Multiple foreign banks, including HSBC China, JPMorgan China, and Citibank China, have participated as the first batch of cooperative banks. Officials from the PBOC Shanghai headquarters stated the policy aims to support multinationals in connecting domestic and international markets and will continue to be refined based on market feedback. Bank executives, including HSBC China's CEO Wang Yunfeng and JPMorgan China's Gu Wei, praised the policy for reducing financing costs and boosting business confidence.
Read sourceMultinational Cross-Border Fund Centralized Operations Policy Takes Effect in Sichuan
A new policy from the People's Bank of China and the State Administration of Foreign Exchange (SAFE) for centralized cross-border fund operations in both domestic and foreign currencies for multinational corporations has officially taken effect. The policy was implemented on September 14, and a manufacturing multinational group in Zigong, Sichuan, has completed its business filing, marking the first successful implementation in the province. The policy lowers the entry threshold for companies, delegates approval authority to local foreign exchange bureaus, and aims to help multinationals optimize global capital allocation, reduce cross-border financial costs, and manage exchange rate risks. The Sichuan branch of SAFE proactively identified eligible companies, provided policy guidance through online and offline channels, and simplified the registration process. The first group includes 12 domestic and 4 overseas member companies, benefiting subsidiaries in Singapore, Brazil, and Australia. The policy is expected to improve cross-border capital turnover efficiency and support overseas project construction. SAFE Sichuan plans to further expand the policy's reach and improve the facilitation of cross-border trade and investment.
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Shanghai First 8 Multinationals Complete Filing Under New Cross-Border Fund Pool Policy, Aggregate External Debt Quota Exceeds 500 Billion Yuan
According to a report from Tencent Stock citing Securities Times China, the new policy for multinational companies' cross-border cross-currency centralized fund operations (the 'low-version fund pool') has been fully implemented since September 14, 2026. The first eight multinational companies in Shanghai have completed business filings, involving 55 domestic member companies and 10 overseas member companies, with an aggregate external debt quota exceeding 500 billion yuan and an overseas lending quota exceeding 80 billion yuan. Foreign banks including HSBC China, JPMorgan China, and Citibank China announced their participation as the first foreign cooperative banks under the nationwide rollout. The policy, issued by the People's Bank of China and the State Administration of Foreign Exchange in August 2026, lowers the threshold for fund pool business, simplifies registration procedures, and allows multinationals to centrally manage cross-border funds. The People's Bank of China Shanghai Headquarters stated that the policy covers industries such as advanced manufacturing, energy trade, modern services, and food consumption, and aims to further support multinational companies in connecting domestic and international markets. Bank executives from HSBC, JPMorgan, and Citibank commented that the policy enhances capital management flexibility, reduces financing costs, and boosts confidence in the Chinese market.
Read sourceShanghai's First Eight Multinationals Centralize Over 50 Billion Yuan in Foreign Debt
According to a report from Securities Times, citing the People's Bank of China Shanghai Headquarters, the first eight multinational corporations in Shanghai have completed business filings under the new cross-border centralized fund management policy (known as the 'low-version fund pool'), which took effect on September 14, 2026. These eight firms, involving 55 domestic and 10 overseas member enterprises, have centralized foreign debt quotas exceeding 50 billion yuan and overseas lending quotas exceeding 8 billion yuan. The policy, formally announced in August by the PBOC and the State Administration of Foreign Exchange, expands a pilot program from June 2023 in Beijing, Guangdong, and Shenzhen to the entire country. It lowers the threshold for establishing such fund pools, especially for companies registered in free trade zones, simplifies registration procedures, and allows greater flexibility in fund allocation. Multiple foreign banks, including HSBC, JPMorgan Chase, Citibank, DBS, and Standard Chartered, have announced their participation as the first batch of cooperative banks. Executives from HSBC and JPMorgan stated that the policy reduces barriers for multinationals, supports high-quality economic development, and boosts foreign investor confidence in the Chinese market.
Shanghai First 8 Firms Complete Filing Under New Cross-Border Fund Pool Policy, Debt Quota Exceeds 50 Billion Yuan
Shanghai has completed the first batch of filings for the new cross-border fund pooling policy for multinational corporations, with eight companies covering 55 domestic and 10 overseas member entities. The policy, effective September 14, 2026, replaces the previous 2019 rules and expands a pilot program nationwide. It lowers entry barriers for companies in free trade zones and simplifies registration. The first batch has aggregated external debt quotas exceeding 500 billion yuan and overseas lending quotas over 80 billion yuan. Foreign banks including HSBC China, JPMorgan China, and Citibank China participated as the first cooperative banks. HSBC China's CEO Wang Yunfeng stated the policy helps build a 'bridge' for cross-border fund flows, boosting foreign investor confidence. JPMorgan China's Gu Wei noted the policy marks a new era of unified national standards, reducing financing costs. The People's Bank of China Shanghai branch indicated further research on pool policies and payment facilitation will continue.
Read sourceShanghai Launches First Cross-Border Fund Pools for Multinationals, HSBC and JPMorgan Participate
On September 20, the People's Bank of China Shanghai Headquarters announced that the State Administration of Foreign Exchange's Shanghai branch completed the filing for the first batch of eight multinational companies' cross-border local and foreign currency centralized fund operations in Shanghai. This follows a nationwide policy expansion effective September 14, 2026, which extended the program beyond pilot areas in Beijing and Guangdong (including Shenzhen). The new rules lower entry thresholds, simplify registration, and allow companies to manage domestic and foreign currency funds in a single account. The eight companies involve 55 domestic and 10 overseas member entities, aggregating over 50 billion yuan in external debt and 8 billion yuan in overseas lending quotas, covering advanced manufacturing, energy, services, and food sectors. HSBC China and JPMorgan China participated as cooperating banks. HSBC China CEO Wang Yunfeng stated the policy helps build a 'bridge' for cross-border fund flows, boosting foreign investor confidence. JPMorgan China Vice President Gu Wei noted the lower thresholds benefit more multinationals and support high-quality economic development.
Read sourceShanghai's First 8 Multinationals Implement New Cross-Border Fund Pool Policy, Debt Quotas Exceed 50 Billion Yuan
The State Administration of Foreign Exchange (SAFE) Shanghai Branch has completed filings for the first batch of eight multinational corporations in Shanghai to implement a new policy on cross-border centralized fund operations in both local and foreign currencies (the 'basic version' cash pooling). The first batch involves 55 domestic and 10 overseas member enterprises, with aggregated external debt quotas exceeding RMB 50 billion and overseas lending quotas surpassing RMB 8 billion. The companies span sectors including advanced manufacturing, energy trade, modern services, and food consumption, and include both regional headquarters of multinationals and private Chinese enterprises expanding globally. The new policy, jointly issued by the People's Bank of China and SAFE in August 2026 and effective September 14, lowers thresholds for cash pooling, supports small and medium-sized multinationals, and simplifies filing and registration processes. The SAFE Shanghai Branch stated it will continue to optimize workflows and provide tailored guidance on a one-company-one-policy basis.
Read sourceChina Expands Cross-Border Cash Pooling for Multinational Firms Nationwide, Boosting Capital Inflow
Cross-border cash management for multinational corporations in China has entered a new phase of facilitation. The Notice on Matters Concerning the Centralized Cross-Border Operation of RMB and Foreign Currency Funds by Multinational Corporations, jointly issued by the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE), took effect on September 14. This policy expands the centralized cross-border operation of RMB and foreign currency funds from pilot regions to nationwide implementation. Since the policy's implementation, initial cases have been launched in Tianjin, Zhejiang, Fujian, Shandong, Chongqing, and other regions, accelerating the inflow of cross-border capital to support enterprises' global expansion. Additionally, since September, multiple regions have initiated or optimized pilots for integrated RMB and foreign currency cash pooling operations, signaling greater facilitation in cross-border cash management, according to Shanghai Securities News.
Read sourceChina Expands Multinational Cash Pooling Policy Nationwide; First Transactions Launched
On September 16, Cailian Press reported that China's cross-border cash pooling policy for multinational corporations has been expanded nationwide. The 'Notice on Matters Concerning Centralized Cross-Border Fund Operations in Both Renminbi and Foreign Currencies by Multinational Corporations,' jointly issued by the People's Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE), took effect on September 14. This marks the shift from pilot regions to nationwide implementation. Reporters found that first-batch cases have been launched in Tianjin, Zhejiang, Fujian, Shandong, Chongqing, and other regions, accelerating cross-border capital inflows to support global corporate deployment. Since September, multiple regions have also initiated or optimized pilots for integrated RMB-foreign currency cash pooling services, signaling further facilitation of cross-border fund management. The report is attributed to Shanghai Securities News.