China further optimizes cash-pooling service for multinational companies

BEIJING, Dec. 18 (Xinhua) -- 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.

The latest move will involve 10 pilot regions including Beijing, Shanghai, Jiangsu and Zhejiang, according to the authorities.

The pilot cash-pooling service was first launched in Beijing and the southern economic powerhouse Shenzhen in 2021. It was expanded to include Shanghai, Guangdong, Shaanxi and other regions in 2022.