China's central bank completes financial prep for Hainan's island-wide special customs operations

BEIJING, Dec. 17 -- China's central bank announced on Wednesday the completion of its financial preparations for the start of island-wide special customs operations at the Hainan Free Trade Port (FTP).

The People's Bank of China (PBOC) said it has built a financial policy and institutional system specifically designed to support the high-standard construction of the FTP, providing strong momentum for the port's development.

On Thursday, Hainan FTP will launch island-wide special customs operations, a major milestone in the opening-up drive of the world's second-largest economy.

To facilitate high-level convenience for cross-border capital flows, the PBOC and the State Administration of Foreign Exchange launched multi-functional free trade accounts (EF accounts) in May 2024 to create an integrated local and foreign currency account system.

By the end of October 2025, 11 banks in Hainan had opened 658 EF accounts, handling transactions totaling 268.9 billion yuan (about 38.1 billion U.S. dollars) across 80 countries and regions.

Beyond account reforms, the PBOC has advanced various financial pilot programs, including cross-border asset management and trade investment facilitation. Under these pilots, Hainan has recorded 43.05 billion U.S. dollars in cross-border trade facilitation transactions and 2.8 billion dollars in investment facilitation.

Financial services for the Hainan FTP have also been optimized. At present, digital RMB pilots are being advanced across the whole of Hainan, significantly enhancing the convenience of payment services for overseas visitors.

Source: Xinhua

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