China will expand the coverage of a pilot cash-pooling service that integrates domestic and foreign currency management for multinational companies, the country's monetary authorities said on Thursday.
The program is currently being piloted in 10 localities and will be expanded to various regions, including Tianjin, Hebei, Anhui, Fujian, Shandong, Hunan, Sichuan, Yunnan and Xinjiang, according to the People's Bank of China (PBOC) and the State Administration of Foreign Exchange.
The move aims to improve the efficiency of cross-border fund operations and facilitate cross-border investment and financing for large multinationals to a greater extent, the PBOC said in a statement.
Policies that will be piloted in these additional regions include those that allow multinationals to use their domestic master accounts in China to handle centralized receipts and payments in domestic and foreign currencies for overseas subsidiaries, and those that streamline yuan-denominated cross-border receipts and payments for multinationals.
The cash-pooling service was first launched in Beijing and the southern economic powerhouse of Shenzhen in 2021. It was expanded to include Shanghai, Guangdong, Shaanxi and other regions in 2022, and optimized further in 2024.
China to expand cash-pooling program for multinationals
China to expand cash-pooling program for multinationals
Chinese Foreign Minister Wang Yi outlined five key points for the proper resolution of the Iranian nuclear issue during his meeting with Russian Deputy Foreign Minister Ryabkov Sergey Alexeevich and Iranian Deputy Foreign Minister Kazem Gharibabadi in Beijing on Friday.
The Russian and Iranian deputy foreign ministers were in Beijing to attend a meeting chaired by Chinese Deputy Foreign Minister Ma Zhaoxu on the same day. Following the meeting, China, Russia, and Iran jointly issued a statement reaffirming that political and diplomatic engagement, along with dialogue, remains the only viable and practical approach to addressing the Iranian nuclear issue.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, described the meeting and its outcome as an important step in the right direction.
Unilateral sanctions will only escalate tensions, while dialogue remains the only viable solution, Wang emphasized.
Wang's five-point proposition is as follows:
First, stay committed to peaceful settlement of disputes through political and diplomatic means, and oppose the use of force and illegal sanctions.
Second, stay committed to balancing rights and responsibilities, and take a holistic approach to the goals of nuclear nonproliferation and peaceful uses of nuclear energy.
Third, stay committed to the framework of the Joint Comprehensive Plan of Action (JCPOA) as the basis for new consensus.
Fourth, stay committed to promoting cooperation through dialogue, and oppose pressing for intervention by the United Nations Security Council (UNSC).
Fifth, stay committed to a step-by-step and reciprocal approach, and seek consensus through consultation.
Ryabkov and Gharibabadi expressed their gratitude to China for hosting the meeting, commended its constructive role, and reaffirmed their commitment to continued dialogue and cooperation on the Iranian nuclear issue.
Chinese FM proposes five points on proper settlement of Iranian nuclear issue
