PBOC promulgating new rules on individual RMB bank accounts – a new era for direct banking in China?

By Chen Yun, Janet Gu, Wang Rong King & Wood Mallesons’ Finance & Capital Market Group

On December 25, 2015, People’s Bank of China (PBOC) promulgated the Circular on Improving Individual Bank Account Services and Strengthening Account Management (the “New Individual Bank Account Circular”). In short, the New Individual Bank Account Circular introduces new categories of individual RMB bank accounts with different functions and account opening requirements and requires that banks impose classified management based on the real name system with respect to different categories of individual bank accounts. In this regulatory alert, we will take a preliminary look at some of the key features and implications of the New Individual Bank Account Circular.

Read full article, please click here.