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How to use Shanghai Free Trade Zone to set up Round-way RMB Cash Pool

跨国公司如何利用上海自贸区搭建双向人民币资金池

How to use Shanghai Free Trade Zone to set up Round-way RMB Cash Pool

for Multinational companies to move RMB in and outside China freely (中文 & English)


Author: Chris TIAN 田助新    

Shanghai Xiao Bo Law Firm  


Cash is the key for enterprise to survival, develop and expand, especially formultinational group. At the stage China has cross-border restriction for foreign currency and RMB, multinational group how to effectively set up a platform for domestic enterprises to move RMB to overseas enterprises and then exchange the RMB into foreign currency to use; foreign enterprises how to exchange foreign currency into RMB, then move it to domestic enterprise to use. Recently Chinese government launched Round-Way RMB Cash Pool that can be an effective solution for multinational group to move fund in and out China freely.



 1.  According to China Center Bank [2015] No. 279, if you do not use Shanghai Free Trade Zone to set up RMB Cash Pool, then multinational group shall meet the following requirements.


1.1. Multinational group companies should be linked with capital investment, such as the parent company and holding more than 51% of the subsidiary; parent, holding more than 51% of the subsidiary alone or jointly holding more than 20% of the company, or less than 20% holdings but is the largest shareholder of the company.


1.2. The Chinese enterprises in multinational group that want to join in the RMB Cash Pool, shall have annual revenue not less than one billion RMB, the enterprise shall be legally registered and operating time shall more than 1 year.


1.3. The non-Chinese enterprises in multinational group that want to join in the RMB Cash Pool, shall have annual revenue not less than two hundred million RMB, the enterprise shall be legally registered and operating time shall more than 1 year.


1.4.The net RMB inflows to RMB Cash Pool cannot exceed the quota implemented by China center bank.


1.5.The funds that are injected into RMB Cash Pool shall be multinaital group operating fund, financing from bank or third party shall not be injected in to RMB cash pool.



2.  As per China Center Bank Shanghai headquarter [2014] No. 22, if multinational group use Shanghai FreeTrade Zone to set up RMB Cash Pool, then it does not have the requirements stated in Clause 1.1, 1.2, 1.3 and 1.4.


2.1  The enterprises that are set up into RMB Cash Pool just need investment relationship, no investment ratio requirement.


2.2  The enterprises that are set up into RMB Cash Pool does not have operating time requirement.


2.3  It does not have net RMB injection quota management, funds can be transferred in and out China freely.


3.  Benefits that using Shanghai Free Trade Zone to set up RMB Cash Pool.


3.1. The operating fund can be moved  freely within multinational group, RMB can be transferred freely in and out China without providing documents. The enterprises in muntinational group includes non-Chinese enterprises, Shanghai FTA enterprises and enterprises in China.


3.2. It can reduce the funding costs, in particular the funding cost of Chinese enterprises, normally China banks fund loan rate is higher than bank loan rate in Europe and America.


3.3. In favor of multinational group invest, M & A in China and overseas.



4Flow chat of setting up Shanghai FTZ Round-way RMB Cash Pool for multinational group



资金是企业的生存、发展、扩张的生命线,对跨国集团更是如此。在现阶段中国本外币跨境管制的情况下,跨国集团如何有效的搭建一个平台,将境内企业的人民币汇至境外企业,境外企业再将人民币换成外币使用;境外企业如何将外币换成人民币,汇至境内企业使用。中国政府推出的双向人民币资金池就能有效解决跨国集团内部资金自由流通限制的困境。


1.      根据中国人民银行银发[2015]279号文件,如果不采用上海自贸区企业搭建双向人民币资金池,该跨国企业集团应当具体以下条件。

1.1   跨国企业集团各公司应以资本为纽带,即母公司及控股51%以上的子公司;母公司、控股51%以上的子公司单独或者共同持股20%以上的公司,或者持股不足20%但处于最大股东地位的公司。

1.2   跨国集团中国境内成员企业上年度营业收入合计不低于10亿元人民币,企业依法注册且经营时间1 年以上。

1.3   中国集团中国境外成员企业上年度营业收入合计不低于2亿元人民币,企业依法注册且经营时间1 年以上。

1.4   人民银行对资金池净流入额实行限额管理。

1.5   入池的资金应为集团企业的经营性资金,融资资金不得入池。


2.      根据中国人民银行银总部发[2014]22号文,如果运用上海自贸区企业搭建双向人民币资金池,就会没用1.11.21.31.4所述要求的限制。

2.1   跨国企业集团成员间仅要求存在投资性关系,没有投资比例的要求。

2.2   对跨国企业集团成员没有经营时间的要求。

2.3   对资金池净流入额没有限额管理,资金划转无额度限制。


3.      以上海自贸区搭建双向人民币资金池的好处。

3.1   可以实现跨国集团内部企业间资金自由流转,实现中国境内外人民币自由划拔(无因转帐),包括境外企业、上海自贸区企业、境内企业。解决因中国外汇管制,外币、人民币不能在跨国企业间自由流通的问题。

3.2   可以降低跨国集团内部企业财务成本,特别是中国境内企业的资金成本,一般情况下中国境内银行贷款利率高于欧美国家银行货款利率。

3.3   有利于跨国企业的中国境内、境外的投资、并购。



4.应用上海自贸区搭建双向人民币资金池流程图




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