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PBOC will eventually ban all non-bank payment agencies from using clients’ money

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PBOC in move on payment agencies

Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, March 30, 2016. [Photo/Agencies] Third-party paying platforms required to deposit customer funds in banks China’s central bank, or PBOC, said on Friday that it will eventually ban all non-bank payment agencies, including…

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