Notice of the Guangzhou branch of the State Administration of Foreign Exchange on Issuing the “Administrative Measures for the Centralized Operation of Renminbi and Foreign Currency Cross-border Funds of Multinational Companies” (Yue Hui Fa [2023] No.19)
30 June 2023
On 30 June 2023, the Guangzhou branch of the State Administration of Foreign Exchange issued the “Administrative Measures for the Centralized Operation of Renminbi and Foreign Currency Cross-border Funds of Multinational Companies” (“the Measures”). According to the Measures, a multinational company refers to a consortium consisting of a parent company, subsidiaries and other enterprises or institutions with capital injection. The Measures specified that a multinational corporation may, based on its business needs, select an overseas company to set up a Non-Resident Account (“NRA”) in a cooperative bank with record filing for purpose of centralized operation and fund management among overseas member companies. The Measures will be implemented from 30 June 2023.