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February 16, 2020

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PBOC ‘green channels’ ensure money transfer

CHINA’S central bank has set up “green channels” to ensure the timely transfer of money and lifted the quota in the micropayment system to help enterprises to resume work and production as soon as possible.

Between January 24 and February 14, the central bank’s high-value payment and micropayment systems handled 393,500 transactions with a value of over 10 million yuan (US$1.43 million) each, a total of 77 trillion yuan.

Of these, 872 transactions, with a total value of 45 billion yuan, were related to the prevention and control of the epidemic, said Fan Yifei, vice chairman of the People’s Bank of China.

The bank has also set up a channel for cross-border yuan trades, and the operation period of the high-value payment system was extended to meet the demand of interbank trading.

In response to public concern over the safety of using cash, the bank has strengthened the cash supply and liquidity management, saying it allocated new banknotes with a total value of 4 billion yuan to Wuhan before the Lunar New Year.

Also, the PBOC has conducted disinfection of cash, asking key institutions to temporarily put returned cash in storage. Banks are also requested to disinfect cash before giving it to customers.

The China Banking and Insurance Regulatory Commission is also providing financial services to bolster prevention and control of the epidemic and support economic and social development. 

By noon of February 14, over 537 billion yuan in credit support had been provided by financial institutions in the banking industry to fight the epidemic, said Liang Tao, CBIRC vice chairman.


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