- On 26 December 2025, the People’s Bank of China and SAFE issued the *Notice on Cross-Currency Cash Pooling for Multinational Companies* (Yin Fa [2025] No. 251), extending the integrated RMB/foreign-exchange pool nationwide.
2025年12月26日，中国人民银行、国家外汇管理局发布《关于跨国公司本外币一体化资金池业务有关事宜的通知》（银发〔2025〕251号），将本外币一体化资金池业务推广至全国。- The pool lets a multinational concentrate and balance its onshore and offshore RMB and foreign-exchange funds, run centralised current-account collection/payment and netting, and manage external-debt and outbound-lending quotas in one structure.
资金池允许跨国公司集中调剂境内外本外币资金、开展经常项目资金集中收付与轧差净额结算，并在同一架构内管理外债与境外放款额度。- Eligibility centres on scale: domestic members’ combined balance-of-payments scale ≥ RMB 7 billion, domestic members’ combined revenue ≥ RMB 10 billion, overseas members’ combined revenue ≥ RMB 2 billion equivalent, with at least three member entities.
准入以规模为核心：境内成员上年度本外币国际收支规模合计不低于70亿元、境内成员营业收入合计不低于100亿元、境外成员营业收入合计不低于20亿元等值，且境内外成员不少于三家。- Within the approved quota, the headquarters allocates funds autonomously under a备案 (filing) regime rather than per-transaction approval — cutting transfer time from days to minutes and freeing finance teams from routine filing.
在备案额度内，总部以备案制（而非逐笔审批）自主调配资金——调拨时间从数天缩短至分钟级，并将财务团队从重复性申报中解放出来。- Financial institutions, local-government financing vehicles and real-estate enterprises may not participate (except finance companies as the host); the policy explicitly supports attracting regional HQs and treasury centres to China.
金融机构、地方政府融资平台公司与房地产企业不得参与（财务公司作为主办企业除外）；政策明确支持吸引地区总部与财资中心落户中国。- SAFE plans in 2026 to extend centralised cross-border cash-management to more mid-sized multinationals nationwide, deepening the “retain and upgrade” investment environment.
外汇局计划在2026年将跨境资金集中运营管理推广至更多中等规模跨国公司，深化”留得住、发展好”的引资环境。
China’s Nationwide Pooling of Foreign-Invested Groups’ Cross-Border Funds (2026) | 跨国公司本外币一体化资金池全国推广（2026）：外资企业跨境资金管理新框架
Why this matters now
For any foreign-invested group operating in China, treasury efficiency is a quiet but decisive competitive factor. Until recently, RMB and foreign-exchange pools ran on separate rulebooks, forcing duplicated accounts and per-transaction approvals that slowed every cross-border transfer. That changed with the 26 December 2025 Notice of the People’s Bank of China and the State Administration of Foreign Exchange (SAFE), *Yin Fa [2025] No. 251*, which extends the integrated cross-currency cash pool — previously a regional pilot — to the entire country. By early 2026 SAFE reported the policy had already reached over 1,100 multinationals and 19,000 member entities, covering USD 2.1 trillion in cross-border flows.
This article explains what the pool does, who qualifies, how to set it up, the freedoms and limits, and why it matters for foreign-invested enterprises (FIEs) considering a China regional treasury. It pairs with our cross-border finance and foreign-exchange registration coverage.
The 2025 PBoC/SAFE Notice
*Yin Fa [2025] No. 251* establishes a unified policy framework: it brings RMB and foreign-exchange pools under one management regime, encourages enterprises to run pools in the local currency, and designates the local SAFE branch as a “single window” for filing and registration — reducing the “shoe-leather cost” of multiple agency visits. It sets external-debt and outbound-lending concentration quotas linked to member equity, and supports autonomous, efficient fund allocation within quota. It also strengthens ex-post monitoring to guard against cross-border flow risks.
The Notice took effect on publication and builds on pilots run since 2021 in Beijing, Shenzhen and elsewhere, with successive expansions of scope and content.
What the pool enables
A qualifying multinational designates one domestic member with independent legal personality as the host enterprise, which opens an onshore master account (multi-currency, including RMB; overdraft within prudent limits is permitted). Through that account the group can:
- concentrate and balance onshore and offshore RMB and FX funds;
- run centralised current-account collection/payment for member enterprises;
- perform netting settlement of current-account receivables/payables (at least monthly);
- manage external-debt and outbound-lending quotas centrally, with one-time registration;
- convert and settle eligible foreign-exchange and FDI funds under willing-or-payment settlement, with converted RMB staying in the master account rather than a separate pending-payment account.
For a group with surplus RMB at one subsidiary and an offshore unit needing FX, the pool turns what was a multi-day, document-heavy transfer into a near-instant internal allocation.
Eligibility and setup
To participate, a multinational must meet scale and governance thresholds:
- genuine business need, sound cross-border fund-management architecture and internal controls, and an internal management IT system;
- domestic members’ combined balance-of-payments scale ≥ RMB 7 billion; domestic members’ combined revenue ≥ RMB 10 billion; overseas members’ combined revenue ≥ RMB 2 billion equivalent;
- no major cross-border receipt/payment violations in the prior two years;
- trade-foreign-exchange classified A (where applicable);
- at least three domestic and overseas member entities;
- overseas members invested by the domestic enterprise must comply with outbound-investment rules; and domestic members must not be on the cross-border RMB key-supervision list.
Setup is a filing with the provincial SAFE branch (materials may be submitted by the host or a mandated cooperative bank), culminating in a filing certificate. The host must open the master account and commence business within one year, or the certificate lapses. Changes (cooperative bank, business type, quotas, members) are filed within 30 days; cessation requires closure of the master account and de-registration.
Operational freedoms and limits
Within quota, the host allocates funds autonomously — the regulatory logic shifts from per-transaction pre-approval to quota-based, ex-post monitoring. External-debt and outbound-lending balances must stay within the computed concentration limits (leverage 2.0 and macro-prudential parameter 1.75 for external debt; leverage 1.0 and coefficient 0.8 for outbound lending, initially). Currency arbitrage between RMB and FX within the pool is prohibited.
Excluded participants: financial institutions, local-government financing vehicles and real-estate enterprises — except that a finance company may serve as host. Cooperative banks must meet international-settlement, FX and AML criteria.
Why it matters for FIEs and regional HQs
The deeper strategic value is locational. Historically, many multinationals kept their regional treasury in Singapore or Hong Kong because China’s fragmented pool rules made onshore concentration cumbersome. A unified, quota-based, autonomous pool lowers that friction and supports the “Invest in China” aim of attracting regional headquarters and treasury centres. For an FIE, the gains are concrete: released idle “precautionary” cash, lower transfer and FX costs, and a finance team shifted from operations to planning, hedging and strategic funding.
SAFE has signalled that in 2026 it will extend centralised cross-border cash management to more mid-sized multinationals nationwide, broadening access beyond the large or super-large groups served by the current pool.
Practical steps for FIEs
- Assess scale eligibility against the RMB 7bn / 10bn / 2bn thresholds and the three-member minimum.
- Appoint a host enterprise with the governance, IT system and A-class trade classification.
- Prepare the filing package (application, authorisation, pool agreement, confirmations, licences, member list, equity structure).
- Open the master account within one year and commence business to avoid lapse.
- Design the intra-group allocation and netting workflow, keeping currency use compliant.
- Watch the 2026 extension to mid-sized groups if you fall below the current thresholds.
Related reading
- Foreign-exchange registration and capital conversion for foreign-invested enterprises.
- QFLP pilot expansion and offshore finance licensing in Shanghai.
- Cross-border finance and the renminbi internationalisation angle.
跨国公司本外币一体化资金池全国推广（2026）：外资企业跨境资金管理新框架
为何重要
对任何在华运营的外商投资集团而言，财资效率都是一个安静却具决定性的竞争因素。在相当长的时间里，人民币与外汇资金池分属两套规则，迫使企业开设重复账户并逐笔审批，拖慢每一笔跨境调拨。这一局面随着2025年12月26日中国人民银行、国家外汇管理局《关于跨国公司本外币一体化资金池业务有关事宜的通知》（银发〔2025〕251号）而改变——该通知将此前仅在区域试点的本外币一体化资金池推广至全国。截至2026年初，外汇局披露该政策已惠及超1100家跨国公司、1.9万家成员企业，涉及跨境收支2.1万亿美元。
本文阐释资金池的功能、准入条件、设立流程、自由与限制，以及其对考虑在华设立区域财资中心的外商投资企业的意义。它与本站点关于跨境金融与外汇登记的报道相互呼应。
2025年人民银行/外汇局通知
银发〔2025〕251号确立了统一政策框架：将本外币资金池纳入统一管理，鼓励企业以本币开展资金池业务，并指定当地外汇局分局为备案登记”一个窗口”，降低多次跑部门的”脚底成本”。通知设定与成员所有者权益挂钩的外债与境外放款集中额度，支持额度内自主高效调配，并强化事中事后监测以防范跨境资金流动风险。
通知自发布之日起施行，建立在2021年以来北京、深圳等地试点及后续多次扩围优化经验之上。
资金池的功能
符合条件的跨国公司指定一家具有独立法人资格的境内成员企业作为主办企业，开立国内资金主账户（多币种，含人民币；审慎限额内允许日间及隔夜透支）。通过该账户，集团可：
- 集中调剂境内外本外币资金；
- 为成员企业办理经常项目资金集中收付；
- 开展经常项目应收应付轧差净额结算（原则上每月不少于一次）；
- 集中管理外债与境外放款额度，一次性登记；
- 在意愿结汇或支付结汇项下办理合格外汇与FDI资金结售汇，结汇所得人民币留存在主账户而非单独的待支付账户。
对于一家境内子公司人民币盈余、而境外单位急需外汇的集团，资金池将原本多日、材料繁重的调拨，变为近乎即时的内部配置。
准入与设立
参与跨国公司须满足规模与治理门槛：
- 具备真实业务需求、完善的跨境资金管理架构与内控制度，以及内部管理电子系统；
- 境内成员上年度本外币国际收支规模合计不低于70亿元；境内成员营业收入合计不低于100亿元；境外成员营业收入合计不低于20亿元等值；
- 近两年无重大跨境收付业务违法违规行为；
- 货物贸易分类结果为A类（如适用）；
- 境内外成员企业合计不少于三家；
- 境外成员为境内企业投资设立的，须符合境外投资管理规则；境内成员未被列入跨境人民币业务重点监管名单。
设立向当地外汇局省级分局备案（材料可由主办企业或受托合作银行提交），取得备案通知书。主办企业须一年内开立国内资金主账户并实际开展业务，否则备案通知书失效。变更（合作银行、业务种类、额度、成员）须在30日内备案；停止办理须关闭主账户并注销备案。
操作自由与限制
在额度内，主办企业自主调配资金——监管逻辑从逐笔事前审批转向基于额度的备案制与事后监测。外债与境外放款风险加权余额须控制在计算的集中额度内（初始外债杠杆率2.0、宏观审慎调节参数1.75；境外放款杠杆率1.0、系数0.8）。禁止在池内进行人民币与外币间的跨币种套利。
排除参与方：金融机构、地方政府融资平台公司与房地产企业——但财务公司作为主办企业除外。合作银行须满足国际结算、结售汇与反洗钱标准。
对FIE与区域总部的意义
更深层的战略价值在于区位。历史上，许多跨国公司因中国分散的资金池规则使在岸集中不便，而将区域财资中心设于新加坡或香港。统一、基于额度、自主调配的资金池降低了这一摩擦，并服务于”投资中国”吸引地区总部与财资中心的目标。对FIE而言，收益具体可见：释放低效的”预防性”闲置现金、降低调拨与汇兑成本，并使财务团队从操作转向规划、对冲与战略性融资。
外汇局已释放信号：2026年将在全国面向更多中等规模跨国公司推广跨境资金集中运营管理，将覆盖面从当前服务的大型或超大型集团进一步拓宽。
外商投资企业的实务步骤
- 评估规模准入——对照70亿/100亿/20亿元门槛与三家成员下限。
- 指定主办企业——具备治理、IT系统与A类贸易分类。
- 准备备案材料（申请书、授权书、资金池协议、确认书、执照、成员名单、股权结构）。
- 一年内开立主账户并开展业务，避免备案失效。
- 设计集团内调配与轧差流程，确保币种使用合规。
- 关注2026年向中等规模集团的扩围，若暂时低于当前门槛亦可留意。
延伸阅读
- 外商投资企业的外汇登记与资本金结汇。
- 上海QFLP试点扩围与离岸金融牌照。
- 跨境金融与人民币国际化视角。
Sources
- 中国人民银行 国家外汇管理局：《关于跨国公司本外币一体化资金池业务有关事宜的通知》（银发〔2025〕251号）— https://www.gov.cn/zhengce/zhengceku/202512/content_7053108.htm
- 国家外汇管理局：本外币一体化资金池业务全国推广解读（银发〔2025〕251号）— http://m.safe.gov.cn/anhui/2026/0108/3060.html
- 国家外汇管理局深圳市分局：《跨国公司本外币一体化资金池业务试点管理规定》— https://www.safe.gov.cn/shenzhen/2025/0205/2042.html