Central Banking

PBOC issues new rules on electronic payments

The People's Bank of China has issued new rules regarding electronic payments designed to minimize transaction risk.

In a statement, the PBOC said digital safeguards are necessary for transactions over one thousand yuan. If features like digital signatures are absent then the maximum transaction will be limited to five thousand yuan per day.

Each electronic payment from company accounts to personal accounts should not exceed 50,000 yuan, except in the case of special agreements signed between t

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