China Expands Pilot Program for Easier Cross-Border Trade Settlements
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China is expanding a pilot program to ease foreign exchange controls for cross-border trade, introducing new measures aimed at simplifying currency settlements for multinational corporations and e-commerce firms.
The move is part of a broader strategy to stabilize foreign trade and promote high-level economic opening by reducing red tape and giving banks more autonomy in handling forex transactions.
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- China is expanding its pilot program to simplify foreign exchange controls for cross-border trade, now covering more regions and transaction types.
- Over $700 billion of business was conducted under the pilot in H1 2025, an 11% increase year-on-year, with reforms supporting e-commerce and streamlined bank processes.
- New measures aim to automate transaction verification, expand netting options, and include more SMEs, with 23 banks currently involved and nearly 30 expected by end-2025.
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What Happened When
- January 2022：
- China launched the high-level opening-up of cross-border trade pilot program in select free-trade zones.
- December 2023：
- The cross-border trade pilot program was expanded to several regions including Shanghai, Guangdong, and Beijing.
- First half of 2025：
- More than $700 billion worth of business conducted under the pilot and related facilitation policies, up 11% from a year earlier.
- Monday, October 27, 2025：
- Zhu Hexin, deputy governor of the central bank and head of SAFE, previewed multiple policies to ease trade and cross-border investment at the Financial Street Forum.
- Wednesday, October 29, 2025：
- SAFE published a notice detailing nine new measures to broaden geographic coverage and transaction types eligible for simplified settlement procedures.
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