Press "Enter" to skip to content

PBOC decides to pay interest to third-party payment companies

THE WIRE WITH UP-TO-THE-MINUTE UPDATES

The People's Bank of China (PBOC) has decided to pay interest on trillions of customers’ money that payment companies are required to deposit into accounts managed by the central bank, reported by several Chinese media and confirmed by industry insiders.

The move backtracks on a ‘no interest’ policy it imposed in 2017 when firms were first ordered to move the funds out of interest-bearing accounts with commercial banks.

The PBOC has been tightening . . .

To continue reading, please subscribe. You will get

 

  • IN-DEPTH & DATA-DRIVEN reporting about key trends in China's economy and financial markets
  • DETAILS MATTER - we bring you details that you won't find elsewhere
  • THE WIRE  - up-to-the-minute updates of market-moving news and views
  • DAILY BRIEF - daily newsletter to give you a quick overview of the most important business news every day.

FREE TRIAL cancel anytime

LIMITED-TIME OFFER - 50% OFF

 

We highly value independence. We are solely funded by subscriptions from intelligent readers like you. 

Already have an account? Sign In

Top