China to cut payment fees for small businesses from September 30 – PBOC

A man wearing a mask walks past the headquarters of the People’s Bank of China, the central bank, in Beijing, China as the country is hit by an outbreak of the novel coronavirus on February 3, 2020. REUTERS / Jason Lee / File Photo

BEIJING, June 25 (Reuters) – China’s central bank announced Friday that it will reduce payment fees for small businesses from September 30, including for banking services, yuan settlement and electronic banking services.

China has repeatedly pledged to continue supporting small businesses and to pursue targeted tax and fee cuts this year in the wake of the pandemic.

The People’s Bank of China (PBOC) will also reduce interbank fees for ATMs, the PBOC said in a statement on its website.

In total, the fee reductions are estimated at 24 billion yuan ($ 3.72 billion) per year, he added in a joint statement with the banking regulator, the market regulator and the state planner. from the country.

Banks should charge no more than 3.5 yuan per transaction for interbank ATM fees, in order to better support and serve the growing migrant population, the China Banking and Insurance Regulatory Commission (CBIRC) said on Friday in a separate press release.

Inter-regional ATMs interbank fees will also be lowered, he said, with lower fees better meeting people’s cash needs and improving accessibility for financial consumers, he added.

($ 1 = 6.4533 yuan Chinese renminbi)

Reporting by Stella Qiu and Ryan Woo Editing by Gareth Jones

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