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 . . .
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