China Strengthens Supervision of RMB Payments

Home>>Business

Last updated at: (Beijing Time) Tuesday, January 14, 2003

China Strengthens Supervision of RMB Payments

The People's Bank of China, the central bank, announced a procedure Tuesday for reporting large-sum and suspicious payment trading in the Chinese currency Renminbi (RMB).

DISCUSSION

CHINESE

SEND TO FRIEND

The People's Bank of China, the central bank, announced a procedure Tuesday for reporting large-sum and suspicious payment trading in the Chinese currency Renminbi (RMB).

The move is aimed to enhance the supervision on payment tradingin RMB, standardize reports on RMB payment trading, and ward off money laundering and other criminal activities by means of payments and clearing through banks, a bank spokesman said.

He said RMB payment trading referred to money payments and capital clearing by both institutions and individuals in their social and economic activities, which can occur via bills, bank cards, remittance, collection and acceptance, authorized collection, on-line payment and cash.

The procedure provides a detailed description of large-sum and suspicious payment trading, and spells out specific penalties for counter activities.

The procedure will come into effect on March 1, 2003.

Questions?Comments? Click here

China Continues to Open Foreign Banks to RMB Business

Foreign Banks Get RMB Go-ahead in More Chinese Cities

Tibet Reports Double-digit Economic Growth Rate ( 2 Messages)

Why Doesn't US Set to 'Use Force' Against DPRK? ( 62 Messages)

New-Generation Nuclear Reactor Put into Use in China ( 7 Messages)

Jiang, Bush Talk over Phone on DPRK Nuclear Issue ( 4 Messages)

To Occupy China's Diaoyu Islands, Japan's Fond Dream for Long ( 18 Messages)