Central Banking

China moves to counter Olympic frauds

The People's Bank of China is introducing measures to avoid an upsurge in fraud during the Olympics.

The People's Bank will ban certain bankcards and limit the amount tourists can spend without formal identification during the sporting event, Xinhua, the state-owned news agency, reported on Wednesday.

"According to the experience of previous Olympic hosts, there was a high incidence of bankcard-related crimes during the Games," Ouyang Weimin, the director general of the Payment and Settlement

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