PBoC steps up efforts to safeguard cash use
Chinese central bank fines railway $78,000 over refusal to accept cash in ticket office
The People’s Bank of China fined a railway company 500,000 yuan ($78,000) in July for refusing to accept cash at a ticket office.
This was the biggest fine the PBoC levied for refusing to take cash this year. The central bank has begun to clamp down on merchants refusing cash in recent years.
The Beijing Urban Railway Investment and Development Company violated China’s central banking law, the PBoC said in a filing published on October 22. This law stipulates that yuan, as a payment to any
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