The Dream Factory of China

Source :Qianhai Communication Center

Qianhai-based enterprises and individuals can now open a free trade account (FT account) at the Industrial and Commercial Bank of China (ICBC) in Shenzhen, which started offering the FT account service June 18.

ICBC is the second bank in Qianhai and the first State-owned bank to offer FT account services.

An FT account is a multi-currency bank account that allows exchanges of different currencies. It has been initiated in the free trade area to facilitate cross-border trade and other business.

The overseas-funded enterprises in Qianhai are also eligible to open free trade accounts at any ICBC branch.

Enterprises with an FT account have additional advantages including better exchange rates and effective financial risk controls when dealing with cross-border business. The foreign exchange rates and the interest rates in an FT account are in line with that of the international markets.

Enterprises with an FT account have more access to international financial resources and are more competitive when exploring the overseas market. It also makes it easier for overseas enterprises intending to invest in the Chinese market as settlements of different currencies can be done in FT accounts.

The launch of the FT account service will further improve Qianhai’s cross-border financial system, allowing the financial sectors to better serve the real economy.

This year marks the 40th anniversary of the Shenzhen Special Economic Zone and the 10th anniversary of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. Qianhai continues to develop other innovative financial practices to boost the development of the Guangdong-Hong Kong-Macao Greater Bay Area and assist Shenzhen in constructing the pilot demonstration area of socialism with Chinese characteristics.