CCB Becomes Agent Bank for Direct Treasury AppropriationThe China Construction Bank (CCB) announced Wednesday that the Ministry of Finance has entrusted the CCB to act as the exclusive agent bank for direct appropriation of capital from the State treasury.A spokesman for the CCB said that an agreement has been signed on detailed procedures regarding this service. It is expected that at the end of this month, the first batch of new business will be executed for the building of grain depots with a total capacity of 10 billion kilograms. He said that the CCB has been the exclusive agent bank for the treasury's budgetary capital for infrastructure construction and geological prospecting. The signing of the new agreement is a big progress in the bank's agency service business. Centralized payment is the direction of China's treasury reforms, according to which budgetary capital will be allocated directly to end users through banks, so as to improve the working efficiency of capital and to avoid misappropriation. |
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