China to cut transaction fees to invigorate market entities

Release time:2021-07-09 Publisher:Lanka Voice

A slew of fee cuts unveiled recently will help reduce payment fees by a total of 24 billion yuan (about $3.7 billion) every year to invigorate China's economy, a central bank official said Thursday.
Over 16 billion yuan will be saved for small and micro-sized enterprises and self-employed individuals, Fan Yifei, deputy governor of the People's Bank of China, told a news briefing.
The measures, which will take effect on September 30, focus on fee cuts in basic payment services, including bank account services, RMB settlement and e-banking, said Fan.
They will help reduce the cost of capital circulation, boost consumption and promote the high-quality development of the national economy, he added.
The country will also introduce long-term measures to reduce fees for interbank ATM cash withdrawal, Fan said.

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