China further optimizes cash-pooling service for multinational companies
3 weeks ago

China further optimizes cash-pooling service for multinational companies

China Daily  

A clerk counts yuan bank notes and US dollar bills at a branch of the Industrial and Commercial Bank of China in Huaibei, East China's Anhui province. BEIJING -- A pilot cash-pooling service integrating domestic and foreign currency management for multinational companies in China will be further optimized, the country's monetary authorities said Wednesday. The move aims to enhance the facilitation of cross-border investment and financing for such companies, according to the People's Bank of China and the State Administration of Foreign Exchange. The move will focus on reducing corporate financing costs, enhancing cross-border payment and receipt facilitation, streamlining cross-border fund management, and further improving capital utilization efficiency for multinational companies.

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History of this topic

Favorable cash-pooling policy good for FDI
2 weeks, 6 days ago

Favorable cash-pooling policy good for FDI

China Daily  

The People's Bank of China and the State Administration of Foreign Exchange are to optimize the pilot cash pooling program, integrating domestic and foreign currency management for multinational corporations in 10 provinces, municipalities and cities including Shanghai, Jiangsu province and Zhejiang province. As early as March 2021, the PBOC and SAFE initiated the first batch of pilot cash pooling programs, …

Expats impressed by payment services in Shanghai
2 months, 1 week ago

Expats impressed by payment services in Shanghai

China Daily  

Shanghai has garnered praise for its seamless financial services catering to both short-term foreign visitors and long-term expat residents, according to feedback from four expats on Oct 25. At the event, Bank of China showcased a range of services, including foreign card payments, currency exchange, mobile payments, and assistance with opening and managing local bank accounts, as well as tax …

Talking Business | Foreigners embrace enhanced payment services in China
6 months ago

Talking Business | Foreigners embrace enhanced payment services in China

China Daily  

China's visa-free policy and other measures have substantially boosted international exchanges. As flights to China return to pre-pandemic levels, the country has welcomed 12.09 million foreign visitors from January to May-end 2024, with 7.01 million utilizing the visa-free policy, according to the National Immigration Administration. Many foreign visitors rely on bank cards and cash, while mobile payment are the prevalent …

Chinese currency moves closer to fuller usage, internationalization
7 months, 1 week ago

Chinese currency moves closer to fuller usage, internationalization

China Daily  

A worker counts Chinese currency renminbi at a bank in Linyi, East China's Shandong province. The renminbi has further emerged as an international currency, with widespread usage of the currency seen in cross-border trade settlements, yet the process still faces prominent challenges of trading partners' reluctance to accept the Chinese currency and policy complexity, a think tank said in a …

Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen
11 months, 2 weeks ago

Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing, China. Renminbi transactions between Shenzhen and Hong Kong surged more than one-third on a yearly basis to 3.5 trillion yuan, accounting for about 58.3 percent of the total cross-border currency transactions between the two cities. In cooperation with Octopus Cards Ltd — Hong Kong's major …

Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen
11 months, 2 weeks ago

Cross-border renminbi payments exceed 4 trillion yuan in Shenzhen

China Daily  

Chinese 100 yuan banknotes are seen in a counting machine at a bank in Beijing, China. Renminbi transactions between Shenzhen and Hong Kong surged more than one-third on a yearly basis to 3.5 trillion yuan, accounting for about 58.3 percent of the total cross-border currency transactions between the two cities. In cooperation with Octopus Cards Ltd — Hong Kong's major …

China moots yuan pooling scheme to counter U.S. dollar dominance
2 years, 6 months ago

China moots yuan pooling scheme to counter U.S. dollar dominance

The Hindu  

China’s central bank has signed an agreement with Switzerland based Bank for International Settlements as part of Beijing’s plans to establish a yuan pooling scheme starting with Indonesia, Malaysia, Hong Kong, Singapore and Chile to counter the dominance of the U.S. dollar. The arrangement aims to provide liquidity support for participating central banks during future periods of market volatility by …

China to strengthen financial support for enterprises
4 years, 6 months ago

China to strengthen financial support for enterprises

China Daily  

A clerk counts cash at a bank in Nantong, South China's Jiangsu province. China will focus on improving financial services to micro, small and medium-sized enterprises in an effort to ensure their sound development, according to a State Council executive meeting on Wednesday. The meeting, presided over by Chinese Premier Li Keqiang, said that special local government bonds will be …

Year-ender: Major economic events in China
5 years ago

Year-ender: Major economic events in China

China Daily  

Management of foreign-invested insurance and of banking firms Foreign banks no longer need to get prior approvals for conducting renminbi businesses, and are allowed to underwrite government bonds and conduct certain agent services. The revisions, which are aimed at providing better legal guarantee to opening up the country's insurance and banking sectors to overseas investors, include improving the supervision over …

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