China tightens regulations on non-bank payment firms

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

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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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