- The PBoC and SAFE have extended the pilot policy for cross-border centralized operation of domestic and foreign-currency funds by multinational corporations to the entire country, effective 14 September 2026.
中国人民银行与国家外汇管理局已将跨国公司本外币跨境资金集中运营试点政策推广至全国，自 2026 年 9 月 14 日起施行。
- A single “one-window” filing with the local SAFE branch, and certain change registrations handled by the cooperating bank, streamline the setup process.
备案由主办企业所在地外汇局分局”一个窗口”对外办理，部分变更登记交由合作银行办理，简化了建池流程。
- Eligibility thresholds are quantified: combined domestic members’ balance-of-payments scale of ≥ RMB 700 million equivalent, or combined domestic revenue ≥ RMB 1 billion plus overseas revenue ≥ RMB 200 million equivalent.
建池门槛已量化：境内全部成员企业上年度国际收支规模合计≥等值 7 亿元人民币，或境内成员上年度营业收入合计≥10 亿元且境外成员上年度营业收入合计≥等值 2 亿元。
- Free Trade Zone hosts enjoy a halved balance-of-payments threshold of ≥ RMB 350 million equivalent.
主办企业注册在自由贸易试验区内的，国际收支门槛减半，即≥等值 3.5 亿元。
- A minimum of three member entities (domestic and overseas combined) is required, with one qualified domestic legal-person entity designated as the host enterprise.
成员企业境内外合计不少于 3 家，并须指定一家具独立法人资格的境内成员企业作为主办企业。
- Groups may pool external debt and overseas lending quotas, freely set the centralized ratio, and manage both currencies in one account with net settlement for current-account items.
集团可集中成员企业外债与境外放款额度，自主决定归集比例，使用同一账户管理本外币资金，并办理经常项目资金集中收付与轧差净额结算。
- Banks, local-government financing vehicles and real-estate enterprises are excluded, except where a finance company serves as the host enterprise.
金融机构、地方政府融资平台公司和房地产企业不得参与，但财务公司作为主办企业的除外。
- The prior 2019 SAFE rule (Hui Fa [2019] No. 7) is repealed, and Article 3 of Hui Fa [2017] No. 3 no longer applies, clearing the path for the nationwide regime.
此前 2019 年汇发 7 号文被废止，汇发〔2017〕3 号文第三条不再适用，为全国推广 regime 扫清障碍。
Multinational CNY-FX Cross-Border Cash Pooling Goes Nationwide: What Foreign-Invested Groups Need to Know | 跨国公司本外币跨境资金集中运营全国推广：外资集团须知
Overview
On 13 August 2026, the People’s Bank of China (PBoC) and the State Administration of Foreign Exchange (SAFE) jointly issued the *Notice on Matters Concerning the Cross-Border Centralized Operation of Domestic and Foreign-Currency Funds by Multinational Corporations* (Yin Fa [2026] No. 163). The notice was published on 14 August 2026 and will take effect on 14 September 2026. Its central message is straightforward: the pilot policy allowing multinational corporations to centrally operate their domestic and foreign-currency cross-border funds is extended from selected pilot regions to the entire country.
For foreign-invested enterprises (FIEs) and foreign-invested multinational regional headquarters operating in China, the change removes a major geographic constraint. Previously, the integrated domestic and foreign-currency cash-pooling regime was available mainly in pilot areas such as Beijing and Guangdong since 2021. With nationwide coverage, eligible groups anywhere in China can now apply to set up a centralized cross-border fund operation structure under a unified rulebook.
Policy Background
China has progressively opened its cross-border capital management to facilitate genuine business needs of multinational groups. The concept of cross-border cash pooling for multinationals dates back to earlier pilots, and a dedicated framework—the *Administrative Provisions on Cross-Border Centralized Operation of Funds by Multinational Corporations* (SAFE Hui Fa [2019] No. 7)—governs the foreign-currency side. Starting in 2021, pilots for integrated domestic and foreign-currency centralized operation were launched in places such as Beijing and Guangdong, allowing participating groups to manage RMB and foreign exchange under a single structure.
A related milestone came on 14 December 2025, when the integrated domestic and foreign-currency cash pool was promoted nationwide. The 2026 notice builds on that trajectory by formally extending the integrated, centralized operation of both currencies—covering external debt, overseas lending, current-account receipts and payments, and net settlement—to the whole country under a refreshed regulatory foundation, and by repealing the 2019 provisions in the process.
Key Provisions
The notice sets out the substantive rights and obligations of participating groups:
- Centralized quota management. Member enterprises’ external debt quotas and overseas lending quotas may be consolidated at the group level rather than being held separately by each entity.
- Free choice of centralization ratio. The host enterprise may autonomously determine the proportion of funds to be pooled, rather than being bound by a fixed mandatory ratio.
- Single-account management of both currencies. RMB and foreign-currency funds can be managed within the same account structure, advancing the integration of the two pools.
- Current-account centralization and net settlement. Members may conduct centralized collection and payment of current-account funds, and may settle on a netted (offset) basis rather than on a gross transaction-by-transaction basis, reducing the number and volume of cross-border flows.
- Single external window. Filing is handled through a “one-window” process at the local SAFE branch where the host enterprise is located, improving administrative efficiency.
These provisions directly lower the cost and complexity of intra-group cross-border fund management and support genuine trade and investment flows.
Eligibility
To establish a centralized cross-border fund operation arrangement, the multinational group must meet the following thresholds:
- Balance-of-payments threshold. The combined balance-of-payments scale (in domestic and foreign currency) of all domestic member enterprises in the previous year must be no less than RMB 700 million equivalent.
- Revenue alternative threshold. The combined prior-year operating revenue of domestic members must be at least RMB 1 billion, and the combined prior-year operating revenue of overseas members must be at least RMB 200 million equivalent.
- FTZ discount. Where the host enterprise is registered within a Free Trade Zone, the balance-of-payments threshold is halved to RMB 350 million equivalent.
- Member count. The group must have at least three member enterprises in total, counting both domestic and overseas entities combined.
- Host enterprise requirement. One domestic member enterprise with independent legal-person status must be designated as the host enterprise.
Certain entities are excluded from participation: financial institutions, local-government financing vehicle companies, and real-estate enterprises may not join—except that a finance company acting as the host enterprise is permitted.
Filing Process
The filing is centered on the host enterprise and designed to be a single, coordinated procedure:
- Designate the host enterprise. Choose one domestic member with independent legal-person status, preferably located in a Free Trade Zone to benefit from the lowered threshold where applicable.
- Prepare the group structure and quotas. Assemble the list of member enterprises (domestic and overseas), confirm the eligibility thresholds are met, and decide the centralization ratio and the external-debt / overseas-lending quotas to be consolidated.
- Submit through the one window. The host enterprise files with the local SAFE branch at its location via the unified external window.
- Bank coordination. Selected change registrations may be handled by the cooperating bank, reducing the need to return to the administration for every adjustment.
Groups should coordinate early with both the local SAFE branch and their cooperating bank, because the determination of eligible members and the allocation of consolidated quotas are factual prerequisites for a smooth filing.
Practical Steps for FIEs
Foreign-invested groups considering the regime should take the following concrete actions:
- Assess eligibility now. Pull the prior-year balance-of-payments data for all domestic members, or the combined revenue figures for domestic and overseas members, and compare against the RMB 700 million / RMB 1 billion + RMB 200 million equivalent thresholds. If the host sits in an FTZ, use the RMB 350 million equivalent benchmark.
- Map the group. Confirm at least three member entities exist across borders and identify a suitable domestic legal-person entity to act as host.
- Choose the centralization ratio deliberately. Because the ratio is now at the group’s discretion, align it with treasury policy, cash-flow timing, and regulatory comfort.
- Plan the single account. Work with the cooperating bank to configure the integrated RMB/FX account and the net-settlement process for current-account items.
- Mind the exclusions. If any member is a financial institution, an LGFV, or a real-estate enterprise, restructure participation so that only eligible entities are included, unless a finance company is the host.
- Review legacy filings. The 2019 SAFE rule (Hui Fa [2019] No. 7) is repealed and Article 3 of Hui Fa [2017] No. 3 no longer applies; groups operating under the old framework should reconcile their arrangements to the new nationwide regime before 14 September 2026 where transition is required.
Related Reading
- SAFE’s official policy interpretation accompanying the notice explains the background and intent of the nationwide extension.
- The PBoC feedback on solicited opinions confirms the issuance of the notice and its place in the broader liberalization of cross-border capital management.
- Groups should also track the 14 December 2025 nationwide promotion of the integrated RMB/FX cash pool as the immediate precursor to this notice.
跨国公司本外币跨境资金集中运营全国推广：外资集团须知
概述
2026 年 8 月 13 日，中国人民银行与国家外汇管理局联合发布《关于跨国公司本外币跨境资金集中运营业务有关事宜的通知》（银发〔2026〕163号）。该通知于 2026 年 8 月 14 日公布，自 2026 年 9 月 14 日起施行。其核心信息十分明确：允许跨国公司本外币跨境资金集中运营的试点政策，由原先选定的试点地区推广至全国。
对于在华外商投资企业和外资跨国公司地区总部而言，这一变化消除了关键的地域限制。此前，本外币一体化的资金池制度自 2021 年起主要在北京、广东等试点地区可用。随着全国推广，符合条件的集团无论位于中国何处，均可依据统一的规则申请设立本外币跨境资金集中运营架构。
政策背景
中国逐步开放跨境资本管理，以顺应跨国公司真实的业务需求。跨国公司的跨境资金池概念可追溯至较早的试点，而专门规范外币侧的制度——《跨国公司跨境资金集中运营管理规定》（汇发〔2019〕7号）——为此提供了框架。自 2021 年起，本外币一体化集中运营试点在北京、广东等地启动，允许参与集团在单一结构下管理人民币与外汇。
相关里程碑出现在 2025 年 12 月 14 日——本外币一体化资金池在全国范围内推广。2026 年通知延续这一脉络，在更新的监管基础上，将两种货币（涵盖外债、境外放款、经常项目收付及轧差结算）的一体化集中运营正式推广至全国，并同时废止了 2019 年的规定。
主要内容
通知明确了参与集团实质性的权利与义务：
- 额度集中管理。 成员企业的外债额度与境外放款额度可在集团层面统筹，而非由各实体分别持有。
- 归集比例自主决定。 主办企业可自主确定资金归集比例，不再受固定强制比例的约束。
- 本外币同一账户管理。 人民币与外币资金可在同一账户结构下管理，推进两个资金池的一体化。
- 经常项目集中与轧差净额结算。 成员企业可办理经常项目资金集中收付，并采用轧差净额结算，而非逐笔全额结算，从而减少跨境收支的笔数与体量。
- 单一对外窗口。 备案由主办企业所在地外汇局分局以”一个窗口”办理，提升行政效率。
这些规定直接降低了集团内部跨境资金管理的成本与复杂度，并支持真实的贸易与投资资金流动。
准入条件
设立本外币跨境资金集中运营安排，跨国集团须满足以下门槛：
- 国际收支门槛。 境内全部成员企业上年度本外币国际收支规模合计不得低于等值 7 亿元人民币。
- 营收替代门槛。 境内成员上年度营业收入合计不低于 10 亿元人民币，且境外成员上年度营业收入合计不低于等值 2 亿元人民币。
- 自贸区优惠。 主办企业注册在自由贸易试验区内的，国际收支门槛减半，为等值 3.5 亿元人民币。
- 成员数量。 成员企业境内外合计不少于 3 家。
- 主办企业要求。 须指定一家具独立法人资格的境内成员企业作为主办企业。
部分主体被排除在参与范围之外：金融机构、地方政府融资平台公司和房地产企业不得加入——但财务公司作为主办企业的除外。
备案流程
备案以主办企业为中心，设计为统一、协同的办理程序：
- 指定主办企业。 选择一家具独立法人资格的境内成员，在适用情况下优先设在自由贸易试验区，以享受降低后的门槛。
- 梳理集团结构与额度。 汇总成员企业名单（境内与境外），确认满足准入门槛，并决定归集比例及拟集中的外债／境外放款额度。
- 通过单一窗口提交。 主办企业向所在地外汇局分局经统一对外窗口办理备案。
- 银行协同。 选定的变更登记可交由合作银行办理，减少每次调整都需回到管理部门的情形。
集团应尽早与所在地外汇局分局及合作银行沟通，因为合格成员的确定与集中额度的分配是顺利备案的事实前提。
外资企业的实操步骤
考虑适用该制度的外资集团应采取以下具体行动：
- 立即评估资格。 提取境内全部成员企业上年度的国际收支数据，或境内外成员的合计营收数据，对照 7 亿元／10 亿元＋等值 2 亿元门槛。若主办企业位于自贸区，则使用等值 3.5 亿元基准。
- 梳理集团架构。 确认跨境成员不少于 3 家，并物色合适的境内独立法人实体担任主办企业。
- 审慎选择归集比例。 因比例现由集团自主决定，应结合资金管理政策、现金流时点与监管接受度统筹确定。
- 规划同一账户。 与合作银行协作，配置本外币一体化账户及经常项目轧差净额结算流程。
- 注意排除情形。 若任一成员为金融机构、地方政府融资平台公司或房地产企业，应调整参与结构，仅纳入合格主体，除非由财务公司担任主办企业。
- 复核既有备案。 2019 年汇发 7 号文已废止，汇发〔2017〕3 号文第三条不再适用；在原框架下运行的集团应在必要时于 2026 年 9 月 14 日前将安排衔接至新的全国制度。
延伸阅读
- 外汇局随通知发布的官方政策解读，阐释了全国推广的背景与意图。
- 人民银行关于征求意见情况的反馈，确认了该通知的发布及其在跨境资本管理更广义开放中的位置。
- 集团还应关注 2025 年 12 月 14 日本外币一体化资金池全国推广，作为本通知的直接前序举措。
Sources
- 中国人民银行、国家外汇管理局《关于跨国公司本外币跨境资金集中运营业务有关事宜的通知》（银发〔2026〕163号）全文：https://www.safe.gov.cn/safe/2026/0814/27781.html
- 国家外汇管理局政策解读：https://www.safe.gov.cn/safe/2026/0814/27784.html
- 中国人民银行征求意见反馈（提及《通知》）：https://www.pbc.gov.cn/tiaofasi/144941/144979/3941928/2026081416572159680/index.html