23 August 2019

PBoC vows development of online finance, paper says

China’s central bank said the goal of developing online financial products and services remains unchanged despite recent moves to regulate the industry, 21st Century Business Herald reported Friday. In a series of internal meetings, the People’s Bank of China reassured attendees about the future of financial innovation. The meetings came after the government suspended virtual credit cards and barcode payment and capped fund transfers. There will be room for adjustment in the online payment policy after public consultations and an official policy will be announced this year, the report said.     

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