China Rolls Out Nationwide Cross-Border Cash-Pooling Program
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File photo of the State Administration of Foreign Exchange. Photo: VCG
China has rolled out a cross-border cash-pooling framework, allowing multinational corporations to integrate domestic and foreign currency management and giving existing participants up to a year to transition under the finalized rules.
The scheme, which was previously limited to 10 pilot regions, including Beijing and Shanghai, has been expanded nationwide, according to a notice jointly issued Friday by the People’s Bank of China and the State Administration of Foreign Exchange.
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- China expanded its cross-border cash-pooling framework for multinationals nationwide, ending its limitation to 10 pilot regions.
- The finalized rules require companies to meet strict revenue and payment thresholds, and provide a one-year transition period for compliance.
- Banks face enhanced compliance standards, and those with past violations are barred from onboarding new clients in the scheme.
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What Happened When
- 2021：
- Pilot cross-border cash-pooling scheme launched in China.
- 2022：
- Pilot scheme expanded to multiple regions, including Beijing and Shanghai.
- April 2025：
- Draft of finalized cross-border cash-pooling rules released.
- 2025-12-29：
- Nationwide rollout and joint issuance of finalized cash-pooling rules by the People’s Bank of China and the State Administration of Foreign Exchange.
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