Cross-border cash pooling expanded

China has expanded a cross-border cash pooling program for multinational companies nationwide, a move aimed at enabling a broader range of smaller multinationals to better manage cross-border funds. The People's Bank of China and the State Administration of Foreign Exchange jointly issued a notice on Friday to roll out nationwide the centralized operation of cross-border funds in both renminbi and foreign currencies for multinational companies. The rules will take effect on Sept 14.

Chinese mainland shares close higher

Chinese mainland stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 0.01 percent to 3,927.18 points. The Shenzhen Component Index closed 0.45 percent higher at 14,354.31 points.

XINHUA — CHINA DAILY