China tightens regulations on non-bank payment firms

Central bank will scrutinise payments more closely and fine firms for rejecting cash

The PBoC says merchants should safeguard the legal status of the yuan

The Chinese central bank has tightened regulations on non-bank payment firms, strengthening oversight of the 1.77 trillion yuan ($273.5 billion) client money market. 

The new rules, announced by the People’s Bank of China (PBoC) on January 22, require all non-bank payment companies to improve their management of client money and set up mechanisms to guard against misuse of client funds.

The regulation follows a 2018 rule that stipulates all payment firms must deposit 100% of their total client

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