Zhoushan launches pilot project for bank account system with domestic and foreign currencies

Zhoushan launched a pilot project of a bank settlement account system integrating both domestic and foreign currency on Monday (12 December).

The project was planned according to the Central Committee of Communist Party of China’s and the State Council of CPC’s objective to “delegate power, streamline administration and optimise government services”, deepen the reform of the financial supply side, and further improve business trading according to the requirements of the “China (Zhejiang) Pilot Free Trade Zone Expansion Plan”.

The project was then initiated by The People’s Bank of China, Zhoushan Central Sub-branch. 

Some 19 businesses of seven institutions have been chosen to participate in the pilot project as shown in the table below:

The pilot project’s objectives are as follows:

• Unify the basic policies for domestic and foreign currency bank settlement accounts

Streamline the management policies for the opening, modification and cancellation of RMB and foreign currency bank accounts.

• Improve the convenience of domestic and foreign currency bank settlement accounts

It supports the management of multi-currency funds through one account and optimises bank account services. Units and individuals can choose to use multi-currency settlement accounts to manage domestic and foreign currency funds, or use single-currency settlement accounts to manage domestic and foreign currency funds separately according to financial management needs.

• The whole life cycle management of domestic and foreign currency bank settlement accounts shall be strengthened

Establish a full lifecycle management mechanism for bank accounts covering before, during and after the event to effectively prevent illegal and criminal activities.

This pilot project is an important measure for the Zhoushan area to promote the economic and financial reform of the Zhejiang Pilot Free Trade Zone.

The project is expected to provide convenient local and foreign currency bank settlement account services for foreign enterprises and improve the local business environment.

Disclaimer: The above article published by Manifold Times was sourced from China’s domestic market through a local correspondent. While considerable efforts have been taken to verify its accuracy through a professional translator and processed from sources believed to be reliable, no warranty is made regarding the accuracy, completeness and reliability of any information.

Photo credit: The People’s Bank of China / Manifold Times
Published: 19 December, 2022