中国现金池介绍 china cash pooling (中英对照)

Cash pooling in China

Cash pooling is a popular cash management technique, used to optimise interest and improve liquidity management. In China, the traditional cash pooling model has been adapted in response to local regulations. In this article, we provide an overview of traditional cash pooling techniques, consider how these have been adapted for the China market, and look at the recent regulatory changes.

What is cash pooling?

In a cash pooling arrangement, balances from a number of different bank accounts belonging to one

or more entities of the same company are either physically concentrated onto a single bank account or

notionally netted against each other. This is done for three reasons:

. Optimising interest. In a cash pooling arrangement, positive and negative balances on different

accounts can effectively cancel each other out, at least in part. This may improve the interest paid

on positive balances, or reduce the interest that the company must pay on negative balances.

2. Improving liquidity management. Excess cash is consolidated and may therefore be invested

more efficiently.

. Improved visibility and control of cash.

There are two different ways in which funds can be concentrated – physical sweeping and notional pooling.

. Physical sweeping

Physical sweeping is also often referred to as cash concentration. Funds are physically transferred from

participant accounts to the master or header account at the end of each day, week or month (as agreed

with the bank). Meanwhile, negative balances are topped up by funds from the header account, which is

usually held by the group treasury. Each party in the cash pool arrangement (including the bank and the

account holders) signs an agreement authorising the bank to debit and credit the participating accounts.

Sweeping may take place on a zero balancing or target balancing basis. In the case of zero balancing, funds

are debited or credited to each participant account so that each account contains zero funds. Alternatively,

in a target balancing arrangement, funds are debited or credited to leave a specific balance.

It is also possible to exercise ‘one way’ sweeping. In this case, surplus cash balances are swept to the

header account, but negative balances are not covered by header account funds. This may be useful if the

objective is primarily to concentrate surplus funds for investment purposes and not worry about funding

occasional shortfalls.

The main disadvantage of a physical sweeping arrangement is that it generates inter-company loans

betweens the header account holder and the cash pool participants. In certain countries, such as China,

inter-company loans are not permitted.

中国的现金池

现金池是一种流行的现金管理技术，用于优化利息和改善流动性管理。传统的现金池模式在中国经过调整，目的是适应当地的法规制度。在本文中，我们将概述传统的现金池技术，思考它们为适应中国市场进行了怎样的改动，并考察最新的监管制度变化。

什么是现金池？

在现金池的安排中，属于同一家公司的一个或多个实体的不同银行账户余额，或者实际上集中到一

个银行账户上，或者在名义上互相实行净额结算。这样做有以下三个原因：

.优化利息。在现金池的安排中，不同账户上的正负余额可以有效地互相抵消，至少部分抵消。

这可以增加正余额获得的利息，或减少公司必须为负余额支付的利息。

2.改善流动性管理。多余的现金被集中起来，因而可以更有效地进行投资。

.提高现金透明度，加强控制。

资金集中可以有两种不同的方式——实际余额过户和名义现金池。

1. 实际余额过户

实际余额过户通常也被称作现金集中。资金在日终、周终或月终（根据同银行之间的协议）从参与账

户划拨到主账户中。同时，负余额被来自主账户的资金补足，主账户通常由集团资金主管掌握。现金

池安排中的各方（包括银行和账户持有者）会签署一份协议，授权银行对参与账户进行借贷。

余额过户可以在零结余或目标结余的基础上进行。在零结余的情况下，资金被记入每个参与账户的

借方或贷方，这样每个账户的资金都为零。而在目标结余的安排中，资金被记入借方或贷方，保留一

个特定的余额。

实行“单向”余额过户也是可能的。在这种情况下，多余的现金余额被划到主账户中，但主账户资金

不对负余额进行补偿。如果现金池的目的主要是集中多余资金进行投资，并不操心为偶尔的短缺提

供资金，这种方法也许是有用的。

实际余额过户的主要的缺点是，它在主账户持有者和现金池参与者之间产生公司间贷款。在某些国

家，例如中国，公司间贷款是不允许的。

not physically moved. However, an account will need to be identified into which the net interest can be received/paid – this account is sometimes referred to as a master account.

In a notional pooling arrangement (also known as interest

concentration), no funds are actually moved.

One of the main obstacles to this variation is that banks usually stipulate that all notional pool participants must enter into a set-off or cross-guarantee or cross-indemnity agreement to give the bank the legal

right to offset the account balances. However, the company and/or bank may not wish to provide cross-guarantees, or in some countries may not be allowed to do so.

In addition, IAS 32, one of the International Accounting Standards (IAS), sets out stringent guidelines on how the offsetting of financial liabilities and assets should be presented on the consolidated balance sheet. Principally:

?Companies must have a legally enforceable right to offset liabilities and assets.

?Companies must demonstrate an intention to settle liability and asset offsets on a net basis, or be able to realise the asset and settle the liability simultaneously.

These rules pose a particular problem for companies operating a notional pooling structure. The existence of legal documentation detailing the cash pooling arrangement between the bank and companies participating in the pool would satisfy the first requirement. However, proving the intention to settle offsets is more complex. In order to satisfy this criterion, companies may find that they have to perform at least one cash sweep every reporting period.

用于净利息的收取或支付——这个账户有时也被称为主账户。

在名义现金池的安排（也被称作利息集中）中，资金没有被实际划转。

这种变异形式的主要障碍之一是，银行通常规定所有名义现金池的参与者必须签订一份冲销协议，或交叉担保协议，或交叉补偿协议，授予银行冲销账户余额的合法权利。然而，公司和/或银行可能不愿意提供交叉担保，或者在一些国家，这种做法不被允许。

除此之外，国际会计准则32 (IAS 32) 也制定了严格的方针，规定金融负债和资产的冲销应如何在合并资产负债表上体现。主要是：

?公司必须具有可以冲销负债和资产的合法权利。

?公司必须显示出对负债和资产冲销进行净额结算的意向，或者有能力同时变现资产和清偿负债。

这些规则给实行名义现金池结构的公司造成了一个特殊的难题。有了法律文件来详细说明银行与参加现金池的公司之间的现金池安排，第一个要求就会得到满足。然而，证明冲销结算的意向要更复杂一些。为达到这一标准，公司可能会发现自己必须在每个报表周期至少进行一次现金余额过户。

Types of cash pool

In addition to the distinction between physical sweeping and notional pooling, there are several different types of cash pooling arrangement:

n Domestic cash pool. All of the accounts are based in the same country.

n Cross-border cash pool. The entities and their accounts are located in different countries.

n Multi-bank cash pool. Participants hold accounts with different banks.

Consequently, physical cash pooling cannot be practiced

using the traditional techniques.

RMB pooling

RMB pooling is conducted on a zero balance or target balance sweeping basis using ELs – ie, funds

are physically credited or debited to a header account. There are relatively few restrictions governing RMB pooling other than the need to use an EL structure. Most MNCs are allowed to use this structure – however, certain types of company are not. For example, according to the requirements of the CSRC (China Securities and Regulatory Commission), companies listed in China are not allowed to use ELs and are therefore not able to carry out pooling.

现金池的种类

除了有实际余额过户和名义现金池之分以外，还有一些不同种类的现金池安排：n国内现金池。所有的账户都在一个国家内。

n跨国现金池。实体及其账户分别位于不同的国家。

n多银行现金池。参与者在不同的银行持有账户。

实际现金池就不能使用传统的技术来运作。

人民币现金池

人民币现金池是在零余额或目标余额过户的基础上运作的，它使用委托贷款结构，也就是说资金被实际上记入主账户的贷方或借方。除了需要使用委托贷款结构之外，人民币现金池的限制相对较少。大多数跨国公司都可以使用这种结构——不过，某些类型的公司除外。例如，根据中国证监会(CSRC) 的要求，在中国上市的公司不能使用委托贷款，因此无法实施现金池。

Foreign currency pooling

Foreign currency pooling was not permitted until recently. However, in December 2005, SAFE issued the Pudong Nine Measures, establishing a number of relaxations in the regulations governing foreign currency pooling. The first of the Nine Measures states that companies are allowed to conduct local US dollar pooling in China using the EL framework. However, certain restrictions apply:

n In order to be eligible for this type of structure, the corporate in question must have regional headquarters or a treasury centre registered in Pudong.

n The types of foreign currency account which may be set up in China are highly regulated and are not interchangeable. In order to carry out foreign currency pooling, the company must set up a header entrust loan account, into which the group’s entities’ funds are concentrated. The way in which this account may be used is strictly defined.

n Each participating entity has to open at least two accounts: a settlement account or a capital account – from which payment is made to the pool header account – and an EL account.n Finally, companies wishing to set up a foreign currency pool need to obtain pre-approval from the State Administration of Foreign Exchange (SAFE) via their bank.

General Electric and consumer electronics manufacturer TCL Corporation were among the first companies to set up a foreign currency cash pool in China. So far, only a few companies have followed. However, others are beginning to look into this or are currently awaiting approval from SAFE.Cross-border foreign currency pooling

According to the second of the Pudong Nine Measures, it is also now possible to set up a cross-border foreign currency pooling structure – an activity which was not previously permitted. A Chinese entity can now open an off-shore pool header account in China in the name of the treasury centre or regional headquarters in order to join the group’s cross-border cash pool.

However, like domestic foreign currency pooling, every cross-border foreign currency pooling arrangement must be pre-approved by SAFE. Similarly, the company in question must be an MNC incorporated in Pudong. In addition, there are certain restrictions governing the amount of borrowing that is permitted and the way in which funds can be used. For example, the funds which move from/to a China company to/from its off-shore account must get SAFE’s pre-approval on a per-transaction basis. The funds can only be used to finance its related companies.

Notional pooling

Although notional pooling is conducted on a theoretical basis and therefore does not generate inter-company loans, this type of pooling is not permitted in China. As discussed above, in certain countries companies are not permitted to issue cross-entity guarantees. China is one of these countries.

Additionally, notional pooling is prevented by China’s existing interest rate regulations, because the deposit rate and loan rate are regulated by the central bank (People’s Bank of China). There will be a regulation issue if the bank doesn’t charge or offset the overdraft interest rate.Looking forward Deregulation remains the major trend in the Chinese cash management landscape, and it is likely that cash pooling regulations will continue to evolve in response to treasurers’ needs. The recent relaxations are a very positive sign and while the Nine Measures only apply to entities registered in Pudong, it is likely that

they will expand in time. The pace of change remains gradual, but steady.

A Chinese entity can now open an off-shore pool header account in China in the name of the treasury centre or regional headquarters in order to join the group’s cross-border cash pool.

外币现金池

外币现金池直到最近才被允许。然而，2005年12月，国家外汇管理局颁布浦东九项措施，在外币现金池的管制方面有所放宽。九项措施的第一条规定，公司可以使用委托贷款结构，在中国运作本地美元现金池，但有一定的限制：

n为符合这种结构的条件，相关公司必须在浦东注册成立地区总部或一个资金管理中心。

n可以在中国设立的外币账户的种类受到严格的管制，而且不能互换。为运作外币现金池，公司必须建立一个主委托贷款账户，用来集中集团各实体的资金。这一账户的使用方式是有严格规定的。

n每个参与的实体都必须至少开设两个账户：一个是结算账户或资本账户（用于向现金池主账户支付资金），另一个是委托贷款账户。

n最后，希望建立外币现金池的公司需要在事先通过自己的银行取得国家外汇管理局的批准。通用电气公司和消费电子产品制造商TCL集团属于首批在中国建立外币现金池的公司。到目前为止，只有少数几家公司紧随其后。不过，其它一些公司也已开始对其进行考察，或正在等待国家外汇管理局的批准。

跨国外币现金池

根据浦东九项措施的第二条，公司现在还可以建立跨国外币现金池结构——这在从前是不允许的。现在，一家中国实体可以以资金管理中心或地区总部的名义在中国设立一个离岸现金池主账户，以便能加入集团的跨国现金池。

现在，一家中国实体可以以资金管理中心或地区总部的名义在中国建立一个离岸现金池主账户，以便能加入集团的跨国现金池。

然而，就像国内的外币现金池一样，每个跨国外币现金池的安排都必须事先经过国家外汇管理局的批准。同样，有关公司必须是在浦东组建的跨国公司。除此之外，还有一些特定的限制，对允许的借款额和资金的使用方式做出了规定。例如，资金从一家中国公司划入它的离岸账户，或从离岸账户划入该公司，都必须在每次交易前获得国家外汇管理局的批准。该资金只能用于为其相关公司融资。

名义现金池

虽然名义现金池是在理论上运作，并不产生公司间贷款，但中国不允许建立这种类型的现金池。我们在上文已经讨论过，某些国家不允许公司进行跨实体担保，中国就是其中之一。除此之外，中国现行的利率法规也不允许建立名义现金池，因为存款利率和贷款利率都由中央银行（中国人民银行）管制。如果银行不收取或冲销透支利率，就违反了法规。

在中国的现金管理环境中，解除管制仍然是主要趋势，而且根据资金主管的需求，现金池方面的监管法规很可能会继续发展进步。最近的管制放宽就是一个非常积极的信号，虽然九项措施只适用于

在浦东注册的实体，但扩大范围很可能是迟早的事。改革的步伐是渐进的，但也是稳健的。