At the beginning of the Chinese New Year, the People’s Bank of China (the “PBOC”) issued an order (PBOC Order [2019] No.1) and a notice (Notice on Canceling the Corporate Bank Account Permit, Yin Fa [2019] No.41, “Notice No.41”).
Continue Reading Direct Bank: Opportunities and Challenges
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
O
n 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