China’s central bank stated on Friday that it would decrease payment fees—including for bank account services, yuan settlement, and electronic banking—for small firms starting on September 30.
China has constantly stated its continued support for small businesses and would continue targeted tax and fee cuts this year on account of the COVID-19 pandemic. Interbank ATM fees would also be reduced, a statement on The People’s Bank of China’s (PBOC) website reads.
All in all, the reductions in payment fees are estimated to amount to 24 billion yuan ($3.72 billion) per year, PBOC adds in a joint statement with China’s banking regulator, market regulator, and state planner.
Banks should not charge more than 3.5 yuan per transaction for the interbank ATM fees, to better support and serve the increased migrant population, the China Banking and Insurance Regulatory Commission (CBIRC) further added in a separate statement on Friday.
Cross-region interbank ATM fees will be lowered too, CBIRC further states, adding ‘with lower fees better satisfying people’s needs for cash, and enhancing accessibility for financial consumers.
($1 = 6.4533 Chinese yuan renminbi)