In a significant milestone for Yiwu, Zhejiang Aiko Solar Energy Co, guided and assisted by the Yiwu branch of the State Administration of Foreign Exchange, completed its inaugural overseas loan transaction on Aug 21.

The transaction marks the first instance of cross-border fund centralization operations being established in Yiwu, underscoring the city's commitment to financial reform.

"We expect that conducting cross-border fund transactions within our company will become more efficient and convenient moving forward," said an executive at Aiko.

The construction of the company's cross-border funds pool has not only streamlined internal processes but also played a pivotal role in enhancing the overall global fund management system. This development is poised to facilitate the unified allocation of funds, both domestically and internationally.

Cross-border fund centralization operations refers to the business of multinational corporations managing funds within their domestic and overseas subsidiaries, tailored to meet their operational and managerial needs.

The introduction of cross-border fund centralization operations streamlines the registration process for external debt and overseas lending.

Corporations will now only need to complete a single registration, allowing for real-time online transactions. This development promises to simplify cross-border investment and financing for multinational corporations significantly.

Source from:http://yiwuzhejiang.chinadaily.com.cn/2023-09/07/c_918570.htm