Central Banking

China's central bank defends ATM fees

CHINA - The central bank has defended a decision by commercial banks to charge customers for taking money out of automatic telling machines (ATMs) belonging to outlets that are not of the card issuers.

"The charge conforms with current policies and regulations," a People's Bank of China spokesman said Monday via its website.

He cited a regulation promulgated last year that allowed banks to make their own decision about the fee.

But he stressed the regulation also stated that the charge for eac