On December 18, the Hainan Free Trade Port officially launched its island-wide customs closure. On the same day, the Bank of China simultaneously completed a transaction – successfully processing the first cross-border transfer under a different name for the EF account of Hainan Auska International Grain and Oil Co., Ltd. after the customs closure, marking a new breakthrough in EF account settlement scenarios after the closure.
It is understood that Auska Grain & Oil, as a processing enterprise within the bonded zone, imports raw materials such as soybeans and rapeseed from overseas. After processing, these materials are sold to Auska Trading Company outside the zone, which handles the import customs declaration and obtains a complete set of documents, including customs declarations and tax payment receipts. In response to this business scenario, the Bank of China fully leverages the policy advantage of EFE accounts (EF accounts opened by institutions within the Free Trade Port) after the Free Trade Port's customs closure, which allow for settlement of goods trade with ordinary accounts under different names within the country. This enables funds from outside the zone to be directly and compliantly transferred to the EFE accounts of processing enterprises within the zone, effectively improving the efficiency of enterprise cash flow. This innovative practice once again demonstrates the service capabilities of EF accounts—"one account, multiple scenarios, unlimited possibilities"—providing a referable and operable cross-border settlement case for various business entities after the Hainan Free Trade Port's customs closure.
