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China Imposes Pilot To Track Large Bank Transactions

China Digital Currency

EDITOR NOTE: China appears to be tightening its hold on banks as the country deals with risks stemming from a surge in bad debt amid a slowing economy. Taking steps to prevent the worst case scenario--banks runs leading to a collapse in the country’s financial sector--China is imposing a program that requires bank depositors to pre-report large transactions and withdrawals. In the meantime, China is encouraging banks to forego profits in order to provide cheap loans to local businesses and individuals. A “tightrope” and a “short leash”?

(Bloomberg) -- China imposed a program to keep large transactions in check amid heightened concerns over the state of its financial system as bad debt balloons in the wake of the coronavirus outbreak.

The People’s Bank of China this month kicked off a pilot plan in Hebei province that would require retail and business clients to pre-report any large withdrawals or deposits, according to a statement. The two-year program will be expanded to Zhejiang and Shenzhen in October, encompassing more than 70 million people..Chinese lenders are facing a surge in bad debt with the economy set to expand at the slowest pace in four decades.

Read more at: Bloomberg




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