Chongqing - The Chongqing Branch of the State Administration of Foreign Exchange (SAFE) recently filed and processed the integrated foreign and domestic currency pool business for a major multinational group, one of the world's six largest notebook manufacturers.

A bank staff member counts RMB and USD. (Photo/Xinhua)

The high-version currency pool is an important innovation in cross-border capital management for multinational companies. It allows companies to autonomously determine their external debt borrowing limits, breaking through previous restrictions imposed by Chinese laws on the scale of foreign debt.

Through a main account set up in China, companies can centrally manage the inflows and outflows of foreign funds, reducing the time for cross-border transactions from several days to just a few hours.

Additionally, businesses can directly settle overseas transactions in RMB, avoiding losses from exchange rate fluctuations. Companies no longer need to report to the foreign exchange bureau for simple tasks, such as changing payment accounts, and can directly handle these through their banks.

To ensure the smooth implementation of the business, the Chongqing Branch of SAFE strengthened its policy promotion and communication with partner banks, offering guidance to the multinational group on adding main accounts, linking historical business operations, cross-border fund settlements, and domestic fund transfers.

A representative from the Chongqing Branch of SAFE stated that the next step will involve further deepening the reform and innovation of foreign exchange policies. By leveraging the experiences gained from this pilot, more enterprises will benefit.

Additionally, by enhancing financial services, the Chongqing Branch of SAFE aims to continuously optimize the foreign trade and investment environment, contributing to high-level trade and investment facilitation.