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China to require non-bank cost corporations to arrange financial institution accounts for fund product transactions By Reuters

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© Reuters.

BEIJING (Reuters) – China’s central financial institution mentioned Friday it should require non-bank cost establishments, with Ant Group’s Alipay because the main participant, to arrange financial institution accounts to cope with fund product transactions for patrons.

In a set of latest guidelines to take impact from March 1, non-bank cost establishments can even be required to arrange separate banking accounts for cross-border yuan funds and international forex exchanges, in accordance with a press release on the web site of the Individuals’s Financial institution of China (PBOC).

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