On November 26, the People’s Bank of China approved the access of the Agricultural Bank of China Guangdong Branch to the free trade account (FT account) sub-accounting business system. The reporter was informed that the Agricultural Bank of China Zhuhai Branch launched the FT account sub-accounting business simultaneously. The successful landing of the FT account in Zhuhai is a powerful measure to explore the convenience of investment and financing exchanges, expand the opening of the financial market, and promote financial policy reform in the Hengqin Free Trade Zone.
On the first day of launch of the FT account, the Agricultural Bank of China Zhuhai Branch has successfully opened FT accounts for 12 enterprises including Zhuhai Hengqin Cross-border Network Technology Co., Ltd., Zhuhai Panshi Biaohua Construction Engineering Co., Ltd., including 4 domestic Macau-funded enterprises , 1 Macao company and 1 Hong Kong company, more than 50 account opening companies have been accepted. To further facilitate the expansion of the Mainland market by Macao and Hong Kong companies, strengthen economic exchanges and cooperation between Macao, Hong Kong and the Mainland, and deepen financial innovation in the Guangdong-Hong Kong-Macao Greater Bay Area .
Zhuhai Hengqin Cross-Border Network Technology Co., Ltd. said that he was honored to be the first company to open an FT account on the 20th anniversary of the return of Macao to the motherland. As a young entrepreneur in Macao, the company will rely on the FT account In order to explore the international market more conveniently, the demonstration effect of the Hengqin Free Trade Zone to serve the moderate and diversified development of the Macao economy will be brought into play.
The relevant person in charge of the Agricultural Bank of China Zhuhai Branch stated that in recent years, the Agricultural Bank of China Zhuhai Branch has been at the forefront of the market in terms of financial reform and innovation in the free trade zone, and the emerging business of asset transfer in the free trade zone has developed rapidly. For overseas companies such as Macao, opening an FT account at the Agricultural Bank of China Zhuhai Branch can not only avoid the tedious process and high costs of opening an overseas account, but also enjoy preferential interest rate pricing in the Agricultural Bank Free Trade Zone, and enjoy various policies with enterprises in the region dividend. In the next stage, the Agricultural Bank of China Zhuhai Branch will fully seize the opportunity of FT business landing, actively support the construction of the Guangdong-Hong Kong-Macao Greater Bay Area, and further promote the improvement of Zhuhai-Macao cross-border financial quality and efficiency.
What is an FT account?
According to the relevant person in charge of the Agricultural Bank of China Zhuhai Branch, the FT account system is an important institutional arrangement for the People ’s Bank of China to explore capital account convertibility, expand the opening of financial markets, and prevent financial risks based on the free trade pilot zone. “. Relying on the FT account system, enterprises in the free trade zone and overseas companies can implement integrated local and foreign currency account management. One account can be used in multiple currencies, and domestic and foreign linkages in settlement, exchange and financing are more convenient and efficient. For enterprises in the free trade zone, the exchange rate of the FT account adopts the offshore price to flexibly avoid exchange risks.
Source: Zhuhai Special Zone Daily