To facilitate cross-border fund transfers under Free Trade Accounts (FT Accounts) and meet the evolving needs of businesses, the Shanghai Head Office of the People's Bank of China recently issued the "Implementation Measures for Functional Upgrades of Free Trade Accounts in the Shanghai Pilot Free Trade Zone (Trial)."
Bank of China has become the first to implement multiple services under the new policy. On the day the pilot program launched, the bank assisted five companies in directly processing various transactions—such as cross-border financing and overseas lending under upgraded FT Accounts—by simply submitting payment instructions. These businesses span industries including semiconductors, petrochemicals, and automotive. Additionally, Bank of China successfully piloted foreign currency transfers for goods and services trade between FTN (Free Trade Non-resident) accounts and domestic accounts, streamlining fund settlements between non-resident and domestic enterprises.
As the first bank to pass the segregated accounting unit review, Bank of China has leveraged FT Accounts—the most critical financial innovation vehicle in the free trade zone—to continuously enhance financial services for inbound and outbound investments. Since opening the market’s first FT Account, the bank has served 12,500 clients, achieving multiple market firsts such as FT offshore trade financing, FT omnibus cash pools, and FTN loans for non-residents. In 2025 alone, it processed over $50 billion in international settlements and more than 200 billion yuan in cross-border RMB settlements under FT Accounts.
Looking ahead to the 16th Five-Year Plan period, Bank of China will continue to leverage its global presence and comprehensive capabilities, actively participating in Shanghai’s institutional opening-up initiatives. The bank aims to promote high-standard trade rules through financial innovation, contributing to the comprehensive elevation of Shanghai’s status as an international financial center.
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