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BIZCHINA / Center

Cross-bank services available by year-end

By Ding Qi (chinadaily.com.cn)
Updated: 2007-08-14 16:08

With one bank card, Chinese residents will hopefully be able to deposit
and withdraw money at any bank before the end of the year, the website of
Radio China quoted a central bank official as saying on Tuesday.

According to Su Ning, deputy governor of the People's Bank of China
(PBOC), the central bank issued a circular several days ago requiring
banks across the nation to use the cross-bank clearance platform of the
small-sum payment system. The goal is to perform automatic money
transfers and nationwide deposits and withdrawals at different banks.

Su expected to realize the goal by the end of this year.

"Some banks may be affected by the new measures." said Miao Mancong,
chief of the Changsha branch of the PBOC. "But in the long run,
cross-bank deposits and withdrawals will not only be more convenient for
clients, it will also benefit banks and lift the overall reputation of
China's financial institutions."

So far, cross-bank deposits and withdrawals are available in banks in
Shandong and Hunan provinces.

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