China Beefing up Monitoring of RMB Clearance Accounts

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Last updated at: (Beijing Time) Monday, April 28, 2003

China Beefing up Monitoring of RMB Clearance Accounts

The People's Bank of China (PBOC)on Friday issued a procedure on the administration of Renminbi clearance accounts in the interest of fiscal reform and market economic development.

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The People's Bank of China (PBOC)on Friday issued a procedure on the administration of Renminbi clearance accounts in the interest of fiscal reform and market economic development.

A PBOC spokesman said Friday that the procedures also are aimed at protecting socialist market economic order, creating a fair competitive environment and promoting the healthy growth of the financial industry.

The procedures constitute a comprehensive restructuring and improvement of the existing "administrative measures for banking accounts", and clearly stipulate that they apply to clearance accounts in RMB. Foreign exchange deposit accounts, savings accounts and institutions' fixed-term deposit accounts are not covered by the procedures.

The procedures also provide detailed regulations concerning the opening of accounts, changes in accounts and the management of clearance accounts, along with various other related aspects. The procedure also outlines the penalties for those who violate the new administrational guidelines.

The procedures will go into effect as of September 1, 2003.

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