The People’s Bank of China (PBOC) has announced that it will soon launch trials for large-sum cash management in both northern and southern China.
On 10 June PBOC issued the “People’s Bank of China Notice on Undertaking Large-sum Cash Management Trials” (中国人民银行关于开展大额现金管理试点的通知) on the imminent launch of pilot schemes which will run for a two-year period.
The trials are slated to commence in Hebei province, before being extended to Zhejiang province and Shenzhen municipality.
According to the Notice trial banks in Hebei province and the Hebei city of Shijiazhuang will commence preparations prior to the end of June, while the trials themselves will start in July.
Before the end of September preparations will commence in Hangzhou and Shenzhen, before trials kick off in both cities in October.