中国跨境资金池全国推广：跨国公司是否应重新设计中国区Treasury架构？（双语版）
发布日期：2026-09-09
作者： 孙庆南
China Rolls Out Cross-Border Cash Pooling Nationwide: Should Multinationals Redesign Their China Treasury Structure?
中国跨境资金池全国推广：跨国公司是否应重新设计中国区Treasury架构？
On August 13, 2026, the People's Bank of China ("PBOC") and the State Administration of Foreign Exchange ("SAFE") issued the Notice on Matters Concerning the Cross-Border Centralized Operation of Local and Foreign Currency Funds by Multinational Corporations (Yin Fa [2026] No. 163) (the "New Rules"), which was made public on August 14. The New Rules will take effect on September 14, 2026, and extend nationwide the cross-border centralized fund operation regime for local and foreign currency funds that had previously been piloted only in certain regions. As of the same date, the 2019 Provisions on the Administration of Cross-border Centralized Fund Operations by Multinational Corporations (Hui Fa [2019] No. 7) will be repealed. Aside from the integrated local-and-foreign-currency cash pool, all newly established cash pool arrangements, as well as existing cross-border centralized fund operation arrangements of multinational corporations, will henceforth be handled under the New Rules.
2026年8月13日，中国人民银行和国家外汇管理局印发《关于跨国公司本外币跨境资金集中运营业务有关事宜的通知》（银发〔2026〕163号），并于8月14日对外发布。新规自2026年9月14日起施行，将此前在部分地区试点的本外币跨境资金集中运营业务推广至全国；同日起，2019年的《跨国公司跨境资金集中运营管理规定》（汇发〔2019〕7号）废止。除本外币一体化资金池外，各地新增资金池业务及存量跨国公司跨境资金集中运营管理业务均按新规办理。
For foreign multinational corporations, the New Rules provide a new pathway for foreign exchange facilitation and create a practical impetus to reassess their China treasury structure. For groups that meet the eligibility criteria, management should promptly determine whether the existing decentralized, entity-by-entity management model remains appropriate, or whether a shift toward more centralized group-level fund management is warranted.
对外国跨国公司而言，新规提供了新的外汇便利化路径，也使重新评估中国区Treasury架构有了现实必要性。对符合条件的集团，管理层需要尽快判断：现有以单一法律实体为中心的分散管理模式是否仍然合适，是否有必要转向更集中的集团化资金管理？
1.What Has Actually Changed under the New Rules?
这次新规究竟改变了什么？
China has long permitted multinational corporations to conduct cross-border centralized fund operations. Under the nationwide rules issued in 2019, participating domestic member enterprises were required to have an aggregate local-and-foreign-currency cross-border balance-of-payments volume exceeding the equivalent of USD 100 million in the preceding year, although certain pilot free trade zones applied a lower threshold of USD 50 million under local pilot policies. That regime already supported cross-border local-and-foreign-currency fund management, the centralized allocation of external debt and outbound lending quotas, and centralized collection and payment under current account items.
中国早已允许跨国公司开展跨境资金集中运营。2019年全国规则下，参加业务的境内成员企业上年度本外币国际收支规模合计须超过等值1亿美元；部分自贸试验区根据当地试点政策执行超过5000万美元的标准。该制度已经可以支持本外币跨境资金管理、外债和境外放款额度集中、经常项目集中收付等业务。
Subsequently, starting in 2023, Beijing, Guangdong (including Shenzhen), and other regions began piloting a "general version" of cross-border centralized fund operations for local and foreign currency, featuring a lower threshold and a broader scope of application. The core change introduced in 2026 is the formal extension of this general version from regional pilots to nationwide application, uniformly replacing the general nationwide rules issued in 2019.
随后，北京、广东（含深圳）等地区自2023年起试点门槛更低、适用范围更广的本外币跨境资金集中运营“通用版”。2026年的核心变化，是把这套通用版从区域试点正式推向全国，并统一替代2019年的一般性全国规则。
One point is easily misunderstood here: this reform is not simply a reduction of the threshold from RMB 7 billion to RMB 700 million.
这里最容易产生一个误解：此次改革并不是把70亿元降到7亿元。
RMB 7 billion is one of the eligibility criteria under a separate, "upgraded" integrated local-and-foreign-currency cash pool regime designed for large multinational groups. That regime was already extended nationwide at the end of 2025, and requires domestic member enterprises to have an aggregate balance-of-payments volume of no less than RMB 7 billion in the preceding year, with domestic and overseas member enterprises separately required to have aggregate operating revenue of no less than RMB 10 billion and RMB 2 billion, respectively; it also offers a broader range of fund management functions. The 2026 general version coexists with this upgraded version as a separate tier within the policy framework. However, except for the grandfathering of existing cross-border two-way RMB cash pools expressly provided for in the New Rules, a given group may not, in principle, operate multiple versions of a cross-border cash pool at the same time.
70亿元是另一套面向大型跨国集团的本外币一体化“高版本”资金池的准入标准之一。该制度已于2025年底推广至全国，要求境内成员企业上年度国际收支合计不低于70亿元，同时境内、境外成员企业上年度营业收入分别合计不低于100亿元和20亿元，并提供更广泛的资金管理功能。2026年的通用版与其在政策层面分层并存，但除新规明确的存量跨境双向人民币资金池例外外，同一集团原则上不得同时办理多个版本的跨境资金池业务。
Accordingly, the most meaningful relaxation introduced by this reform is not the numerical shift between RMB 700 million and USD 100 million, but rather the addition of operating revenue as an alternative eligibility pathway.
因此，此次改革最有意义的放宽，并不是7亿元与1亿美元之间的数字变化，而是增加了营业收入这一替代准入路径。
For example, consider a European manufacturing group that already operates multiple manufacturing and sales entities in China. The domestic member enterprises it proposes to include in the cash pool have aggregate operating revenue of RMB 1.5 billion in the preceding year, but because most of its procurement, production, and sales activity occurs within China, its annual cross-border receipts and payments amount to only RMB 400 million. Under the former regime, which relied primarily on a USD 100 million balance-of-payments threshold, this group might not have qualified. Under the New Rules, if the aggregate operating revenue of all overseas member enterprises it proposes to include reaches RMB 200 million in the preceding year, the group may satisfy the scale requirement through the operating revenue standard. At the time of filing, the relevant operating revenue figures must be substantiated by audited data.
例如，一家欧洲制造集团在中国已有多家制造和销售企业，拟参与资金池的境内成员企业上年度营业收入合计达到15亿元，但由于采购、生产和销售大量发生在中国境内，年度跨境收支只有4亿元。按照过去以1亿美元国际收支规模为主要门槛的制度，它可能无法进入资金池；按照新规，如果拟参与资金池的境外全部成员企业上年度营业收入合计达到2亿元，即可能通过营业收入标准满足规模条件。备案时，相应营业收入情况需要以经审计数据说明。
This is precisely the change most worth noting for a large number of mid-sized foreign multinational corporations.
这正是大量中型外国跨国公司最值得关注的变化。
It should be noted that the scale threshold is not the only condition. The New Rules also require that the group have a genuine business need, a sound cross-border fund management structure and internal control system, and corresponding electronic systems; that domestic and overseas member enterprises together number no fewer than three; that, where the lead enterprise and other domestic member enterprises are included in the directory of enterprises subject to verification of trade-in-goods foreign exchange receipts and payments, their trade-in-goods classification be Category A; that domestic member enterprises not be included in the key regulatory list for cross-border RMB business; and that the group have no material violations relating to cross-border receipts and payments within the preceding two years.
需要注意的是，规模门槛并非唯一条件。新规还要求集团具有真实业务需求、完善的跨境资金管理架构和内控制度、相应电子系统，境内外成员企业合计不少于三家；主办企业及其他境内成员企业属于贸易外汇收支名录内企业的，货物贸易分类结果应为A类；境内成员企业不得被列入跨境人民币业务重点监管名单；集团近两年不得存在重大跨境收付业务违法违规行为。
2.What Practical Changes Will This Bring?
实际业务中会带来什么变化？
Many of the cash pool functions under the New Rules are not new; however, their nationwide rollout means that a wider range of multinational corporations that previously fell short of the eligibility criteria can now make use of these tools.
新规中的不少资金池功能并非首次出现，但全国推广意味着更多原本达不到准入条件的跨国公司现在可以使用这些工具。
2.1 Fund Management Across Multiple China Subsidiaries Can Shift from an Entity-by-Entity Model to a China Group Model
中国多家子公司的资金管理可以从“单体”转向“China Group”
A multinational group may designate one domestic member enterprise with independent legal person status as the lead enterprise, which centrally operates the relevant business through a domestic master fund account. Member enterprises may include domestic and overseas companies — and their branches — that hold a direct or indirect equity relationship with the lead enterprise, or that are under common control with the lead enterprise through a shared parent company.
跨国集团可以指定一家具有独立法人资格的境内成员企业作为主办企业，通过国内资金主账户集中运营相关业务。成员企业可以包括存在直接或间接持股关系，或者与主办企业受同一母公司控制的境内外公司及其分公司。
For a multinational group that simultaneously operates manufacturing, sales, R&D, and investment-platform entities in China, the treasury perspective now has the opportunity to shift from:
对于同时拥有中国制造公司、销售公司、研发公司和投资平台的跨国集团，Treasury视角有机会从：
Company-by-Company
to:
转向：
China Group Level
Enterprises may wish to reassess whether having each subsidiary hold cash, obtain financing, and process cross-border payments separately remains the most efficient model.
企业可以重新审视，各子公司分别持有现金、分别融资和分别办理跨境支付，是否仍是最有效率的模式。
2.2 External Debt and Outbound Lending Quotas Can Be Centrally Allocated within the Group
外债和境外放款额度可以在集团内部集中配置
Domestic member enterprises may determine for themselves the proportion of their external debt or outbound lending quota to be centralized, subject to adjustment no more than once per year. Any un-centralized portion remains available for the relevant member enterprise's own use. The lead enterprise may act either as the actual borrower or lender itself, or as agent handling the relevant cross-border financing on behalf of member enterprises.
境内成员企业可以自行决定外债额度或境外放款额度的集中比例，每年度最多调整一次；未集中部分仍可由成员企业自行使用。主办企业既可以作为实际借款人或放款人，也可以代理成员企业办理相关跨境融资。
This is of particular practical value for greenfield investments, capacity expansion, and post-acquisition financing integration.
这对于绿地投资、扩产和并购后融资整合尤其具有实际价值。
For example, consider a mature Chinese subsidiary with a strong capital base but no significant financing needs, alongside a newly established plant still in the production-line construction phase with limited cross-border financing capacity of its own. The cash pool provides a mechanism for reallocating financing resources at the group level.
例如，成熟中国子公司资本基础较强但没有明显融资需求，而新设工厂正处于产线建设阶段、自身跨境融资空间有限。资金池提供了在集团层面重新配置融资资源的机制。
Accordingly, the cash pool is not merely a cash management tool. It may also form part of the financing structure supporting investment and capacity expansion in China.
因此，资金池不只是Cash Management工具，也可能成为中国投资和扩产融资结构的一部分。
2.3 Centralized Receipts/ Payments and Net Settlement Can Be Used More Extensively for Intra-Group Cross-Border Transactions
集团内部跨境交易可以更多采用集中收付和净额结算
The lead enterprise may, as agent, centrally handle current account receipts and payments on behalf of domestic member enterprises, and may consolidate and net-settle current account receivables and payables between domestic and overseas member enterprises over a given period. The New Rules generally require such net settlement to be conducted at least once per calendar month.
主办企业可以集中代理境内成员企业办理经常项目收支，并可将境内外成员企业一定期间内的经常项目应收应付款合并进行轧差净额结算。新规原则上要求每个自然月至少进行一次轧差净额结算。
For groups with a substantial volume of intercompany transactions, this can generally help reduce the number of payment transactions and banking operations, and shorten the time funds spend in transit.
对于存在大量intercompany transactions的集团，这通常有助于减少支付笔数和银行操作，并缩短资金在途时间。
2.4 Cash, FX, and Cross-Border Financing Can Be Managed within a Single Framework
Cash、FX和跨境融资可以在同一框架下统筹
The domestic master fund account may be used to centrally handle the settlement and sale of foreign exchange under current account items, direct investment, external debt, and outbound lending. For capital account receipts credited to the master account, provided the enterprise undertakes that the underlying transactions are genuine and compliant, payments may be made directly to the cooperating bank without the need to provide item-by-item authenticity documentation in advance.
国内资金主账户可以集中办理经常项目、直接投资、外债和境外放款项下的结售汇。对于主账户内资本项目收入，在承诺交易真实合规的前提下，可直接向合作银行办理支付，无需事前逐笔提供真实性证明材料。
This allows enterprises to manage, within a single framework: Cash Management + FX + Intercompany Financing + Cross-border Settlement.
这使企业可以在同一框架下统筹：Cash Management + FX + Intercompany Financing + Cross-border Settlement。
This does not mean, however, that the capital account has been fully liberalized. The use of capital account receipts remains subject to the negative list, and regulatory requirements relating to external debt, outbound lending, use of funds, and statistical reporting continue to apply. The lead enterprise and the cooperating bank must also retain documentation substantiating the authenticity and legality of transactions for five years, and the cooperating bank remains responsible for authenticity and compliance review, anti-money laundering, and other applicable obligations. Current account receipts, payments, and settlement/sale of foreign exchange remain subject to separate review requirements, where the nature of the funds is unclear, the cooperating bank should require the lead enterprise to provide supporting documentation, and outbound payments for items such as trade in services remain subject to the applicable tax filing requirements.
但这并不意味着资本项目已经完全开放。资本项目收入的使用仍受负面清单约束，外债、境外放款、资金用途和统计申报等监管要求继续适用；主办企业和合作银行还需留存能够证明交易真实、合法的文件和单证五年，合作银行仍承担真实性、合规性审核和反洗钱等义务。经常项目收支及结售汇另有审核要求，资金性质不明确的，合作银行应要求主办企业提供相关单证；服务贸易等项目对外支付仍须按规定办理税务备案。
3.Does This Mean Chinese Entities Can Now Be Fully Connected to a Global Cash Pool?
中国公司是否因此可以全面接入全球Cash Pool？
Not necessarily.
不能简单作此理解。
The 2026 general version primarily addresses the cross-border centralized management of funds between domestic and overseas member enterprises within China; the "upgraded" version designed for large multinational corporations continues to offer broader functionality, such as supporting a Chinese lead enterprise's centralized handling, as agent, of certain trade-related receipts and payments between overseas member enterprises and their overseas counterparties.
2026年通用版主要解决的是中国境内外成员企业之间的跨境资金集中管理，而面向大型跨国公司的“高版本”资金池仍具有更广泛功能，例如支持中国主办企业代理境外成员企业与境外交易对手之间的部分贸易集中收付。
Accordingly, for most foreign enterprises that have only now become eligible as a result of the nationwide rollout, the more precise question is:
因此，对大多数刚刚因全国推广而获得资格的外国企业，更准确的问题是：
Has our China business reached the point where it can move from decentralized, entity-level fund management to a more centralized China treasury system?
我们的中国业务是否已经具备条件，从分散的实体级资金管理升级为更加集中化的China Treasury体系？
Where a group is of larger scale, it may be worth further comparing the general version against the upgraded version, and assessing whether a China Treasury Centre would be suitable for assuming regional, or even broader, fund management functions.
如果集团规模较大，则可以进一步比较通用版和高版本，并评估中国Treasury Centre是否适合承担区域性甚至更广泛的资金管理职能。
4.What Issues Arise in Selecting the Lead Enterprise?
主办企业的选择涉及哪些问题？
The New Rules require the group to designate one domestic legal entity as the lead enterprise. The lead enterprise is responsible for filing, business implementation, data reporting, and communication with regulators.
新规要求集团明确指定一家境内法人作为主办企业。主办企业需要承担备案、业务实施、数据报送和监管沟通等职责。
More notably, the filing materials must disclose the group's equity structure and cross-border fund management structure, internal controls, and system infrastructure, and must include the group's authorization of the lead enterprise, together with the cash pool agreement between the lead enterprise and other member enterprises, or supporting documentation issued by the multinational corporation that clearly sets out the rights and obligations of all parties and confirms their agreement.
更值得注意的是，备案材料需要披露集团股权结构、跨境资金管理架构、内部控制和系统建设，并提交集团对主办企业的授权，以及主办企业与其他成员企业签订的资金池协议，或跨国公司出具的明确各方权利义务且各方均同意的证明材料。
Accordingly, foreign groups will need to consider:
因此，外国集团需要考虑：
(a) Whether a Chinese investment company, regional headquarters, manufacturing company, or sales company is best placed to perform the treasury function;
中国投资性公司、地区总部、制造公司还是销售公司更适合承担Treasury职能；
(b) Whether it is necessary to select a free-trade-zone entity as the lead enterprise;
是否有必要选择自贸区实体作为主办企业；
(c) Whether the relationship between the lead enterprise and member enterprises should be structured as agency, lending, or another form of fund management arrangement;
主办企业与成员企业之间究竟是代理、借贷还是其他资金管理关系；
(d) How intra-group use of funds will be subject to interest, approval, and risk allocation;
集团内部资金使用如何计息、审批和承担风险；
(e) Whether a joint venture or an enterprise with minority shareholders is suitable for participation in the cash pool; and
JV或存在少数股东的企业是否适合进入资金池；
(f) How funds and intercompany receivables and payables should be handled when a member enterprise exits or is sold.
成员企业退出或被出售时，资金和内部债权债务如何处理。
In other words, the cash pool arrangement should be considered together with the China headquarters function, intra-group financing, profit reinvestment, and group governance structure, rather than treated as a standalone "foreign exchange filing project."
换言之，资金池应与China HQ、内部融资、利润再投资和集团治理架构一并考虑，而不宜被视为一个孤立的“外汇备案项目”。
5.M&A Transactions Should Also Incorporate a "Treasury Integration" Dimension
M&A也应增加一个“Treasury Integration”维度
For foreign groups undertaking acquisitions in China, the New Rules also give rise to an additional implication that is easily overlooked. Traditional post-merger integration typically focuses on governance, HR, IT, tax, and compliance. For groups that have already established a cash pool, treasury integration should also be brought within the scope of integration.
对于在中国开展并购的外国集团，新规还有一项容易被忽略的影响。传统Post-Merger Integration通常重点关注治理、HR、IT、税务和Compliance；对于已建立资金池的集团，还应将Treasury Integration纳入整合范围。
For example, should a newly acquired enterprise be admitted to the existing cash pool? Do the target's existing loan documents restrict cash pooling? Would a change of control affect its bank financing? Where minority shareholders are present, is it appropriate to bring the target's cash and financing quota under unified group management?
例如，新收购企业是否加入现有资金池？原有贷款文件是否限制现金归集？Change of Control是否影响银行融资？存在少数股东时，是否适合将目标公司的现金和融资额度纳入集团统一管理？
Conversely, when a member enterprise is to be sold in the future, consideration must also be given to how it will be carved out of the cash pool. The New Rules provide that where there is a change in the cooperating bank, the lead enterprise, business type, or the external debt or outbound lending quota, the lead enterprise must apply for a change-of-filing within 30 days of the change. Where there is a change in membership not involving the external debt or outbound lending quota, the change must instead be reported to the cooperating bank within 30 days.
反过来，在未来出售某家成员企业时，还需要考虑如何将其从资金池中剥离。新规规定，合作银行、主办企业、业务种类以及外债或境外放款额度发生变化的，主办企业应在变更之日起30日内申请变更备案；成员企业发生变化但不涉及外债和境外放款额度的，也应在变更之日起30日内向合作银行报告。
Accordingly, cash pool arrangements are worth incorporating into M&A due diligence, transaction documentation, and post-merger integration checklists.
因此，资金池安排值得纳入M&A尽调、交易文件和并购后整合清单。
6.Facilitation Comes with Higher Expectations for Group Governance
便利化对集团治理提出了更高要求
The New Rules are not simply a matter of regulatory relaxation.
新规并不是简单的“放松监管”。
Cooperating banks are required to work with multinational corporations to establish a cash pool management system covering the business model, operating procedures, internal controls, organizational structure, system infrastructure, risk control, and data monitoring. The lead enterprise and the bank must also retain documentation sufficient to substantiate the authenticity and legality of transactions for five years. Regulatory authorities may conduct off-site monitoring, on-site inspections, and risk assessments, and may, where necessary, require a dedicated compliance audit.
合作银行需要与跨国公司共同制定资金池管理制度，覆盖业务模式、操作流程、内控制度、组织架构、系统建设、风险控制和数据监测。主办企业和银行还需要保存充分证明交易真实、合法的文件和单证五年。监管部门可以开展非现场监测、现场检查和风险评估，并在必要时要求专项合规审计。
While granting enterprises greater autonomy in fund management, the New Rules correspondingly raise the bar for internal group governance and ongoing compliance. The legal work involved in implementing a cash pool therefore extends beyond the filing itself and includes group-level authorization, the cash pool agreement, intra-group financing arrangements, the admission and exit of members, governance policies, and ongoing compliance.
新规在赋予企业更大资金管理自主权的同时，也相应提高了对集团内部治理和持续合规的要求。因此，实施资金池所涉及的法律工作不限于备案，还包括集团授权、资金池协议、内部融资安排、成员加入与退出、治理政策以及持续合规。
7.What Should Multinational Companies Do Now?
跨国公司现在应该做什么？
The New Rules will take effect on September 14, 2026. This does not mean that every eligible foreign group should establish a cash pool immediately. For groups that meet the eligibility criteria, management should now consider whether China-based funds should continue to be held in a decentralized manner across separate legal entities, or whether it is time to begin redesigning the China treasury function as part of the group's global treasury governance.
新规将于2026年9月14日生效。新规并不意味着所有符合条件的外国集团都应立即建立资金池。对符合条件的集团而言，管理层现在需要考虑，中国区资金是否还要继续分散在各个法律实体中？还是应该开始把China Treasury作为全球集团资金治理的一部分重新设计？
A more sensible first step is to conduct a China Treasury Diagnostic, namely to:
更合理的第一步，是做一次China Treasury Diagnostic，即：
(a) Take stock of the cash, financing, external debt, outbound lending, and cross-border receipts and payments of each Chinese entity;
盘点中国各实体的现金、融资、外债、境外放款和跨境收付款；
(b) Assess the fund and operational costs resulting from the current decentralized model;
判断现有分散模式造成的资金和运营成本；
(c) Determine whether the group is better suited to the 2026 general version, or already qualifies for the upgraded cash pool;
判断集团是适合2026年通用版，还是已有资格使用高版本资金池；
(d) Reassess the scope of the lead enterprise and member enterprises;
重新评估主办企业和成员企业范围；
(e) Review the intra-group cash pool agreements, financing documentation, and authorization mechanisms; and
审查集团内部资金池协议、融资文件和授权机制；
(f) Consider the treasury structure together with the China headquarters function, profit reinvestment, cross-border financing, and M&A integration.
将Treasury架构与China HQ、利润再投资、跨境融资和M&A整合一并考虑。
This reform extends the general-version cash pool — previously piloted only in certain regions — to the entire country, and, through the addition of the operating revenue eligibility pathway, brings within its potential scope a number of multinational groups whose cross-border receipts and payments are limited but whose China operations have already reached a meaningful scale.
此次改革将此前只在部分地区试点的通用版资金池推广至全国，并通过营业收入准入路径，使一批跨境收支规模有限、但中国区业务已经达到一定体量的跨国集团进入潜在适用范围。
特别声明：
本文仅代表作者个人观点，不代表大成律师事务所或其律师出具的任何形式的法律意见或建议。欢迎大家通过分享功能转发文章；若需转载、引用本文全部或部分内容，请提前与我们取得联络。获准转载或引用权时，须完整标注文章来源与作者信息。
相关律师
