Recently, the State Administration of Foreign Exchange (SAFE) has approved Beijing to pilot the second round of cash-pooling program integrating domestic and foreign currency management for multinational companies.

Following the implementation of the pilot cash-pooling service in Beijing in 2021, the second round of the pilot program launched by the People's Bank of China and SAFE aims to further support the development of Beijing's "Two Zones" in the financial sector and to facilitate cross-border investment and financing in the region. Ten eligible multinational companies, including Cummins Inc., in such areas as manufacturing, services and energy industries, will participate in the pilot program, covering various types of enterprises like Chinese, foreign-invested and private enterprises as well as state-owned enterprises directly under the central government.

(Source: Beijing Business Today)