China: Central Bank Prohibits Refusal of Cash Payments

On July 13, 2018, the People’s Bank of China released an announcement stating that individuals or entities are prohibited from refusing cash as a means of payment. As provided by People's Bank of China announcement [2018] No. 10, individuals and entities are forbidden from refusing cash payments via contractual clauses, notices or statements, unless authorised by law.

According to the statement, the adoption of alternatives to cash payments results from consent between parties. In light of this, banking financial institutions and non-bank payment institutions are refrained from requiring or inducing other entities and individuals to reject cash payments, therefore implementing discriminatory measures to exclude cash payments.

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