Peoples Bank of China develops new rules for non-bank online payment

Thu 20 Mar 2014

Peoples Bank of China (PBOC) issued two drafts of new rules for providers of non-bank online payments to restrict online payments sector in the country. According to the new rules, the maximum amount of transfer through the third-party accounts is $162.6 per single transaction, and the total amount of money transfers per year should not exceed $1630 (10 000 yuan).