Headline News PBOC completes financial prep for special customs operations in Hainan
Dec 17, 2025
China's central bank has completed its financial preparations for Hainan's special customs operations. Multifunctional free trade accounts have been launched to facilitate cross-border transactions. Hainan banks have managed over $38 billion in international transactions across 80 countries. In other news, Australian police have charged a suspect in the Bondi Beach shooting. Additionally, the U.S. is warning the EU over regulations affecting service providers while the European Commission pursues antitrust actions against major tech firms.
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PBOC Readies Finance For Hainan Port
- The People's Bank of China built a financial policy and institutional system to support Hainan Free Trade Port construction.
- It launched multifunctional free trade accounts to enable high-level cross-border capital convenience.
Free Trade Accounts Boost Cross-Border Flows
- Multifunctional free trade accounts were launched with SAFE to ease cross-border capital flows.
- Eleven banks in Hainan opened accounts handling over US$38 billion across 80 countries by October.
Tensions Over Shenbunjiao Reef
- China condemned Philippine accusations over maritime law enforcement near Shenbunjiao reef.
- The Defense Ministry described Philippine vessel intrusions and threats to Chinese Coast Guard officers.