Core Points - The new regulations on cash payment and services in China, effective from February 1, aim to protect consumers' rights regarding cash transactions [1][2] - The regulations require businesses to accept cash payments and provide clear information on payment methods [1][2] Group 1: Regulations on Cash Payments - The new regulations specify that businesses must support cash payments when they have the capability to do so, including face-to-face services and online transactions completed offline [1] - Businesses using self-service models or unified management systems must clearly display payment methods and contact information for cash-related inquiries [1] - Online transactions must publicly disclose payment methods in advance and inform consumers promptly [1] Group 2: Banking Institutions' Responsibilities - Banking institutions with physical locations must provide cash deposit and withdrawal services to individual customers [2] - Banks are required to ensure adequate coverage of cash services through the appropriate number of cash points and self-service machines [2] - Institutions must focus on the proper handling of cash to prevent the circulation of unfit currency and comply with regulations regarding large cash transactions to prevent illegal activities [2]

Core Viewpoint - The People's Bank of China, in collaboration with the National Development and Reform Commission and the Financial Regulatory Bureau, has established the "Regulations on Cash Payment and Service of Renminbi," effective from February 1, 2026, to enhance the status of Renminbi as legal tender and address the issue of refusal to accept cash payments [1][3]. Group 1: Regulations and Implementation - The regulations aim to maintain a cash-friendly environment by ensuring that businesses support cash payments and keep reasonable change available [1][3]. - The regulations will elevate the requirements for addressing cash refusal and optimizing the cash usage environment to a normative document, ensuring the sustainability and effectiveness of these efforts [3]. - The regulations emphasize a multi-faceted approach to address new issues and phenomena related to cash payments, considering specific scenarios and fields [5][6]. Group 2: Service Standards and Public Rights - The regulations are guided by the principles of serving consumption and safeguarding livelihoods, supporting payment diversity while respecting public choice in payment methods [4]. - Businesses must clearly display payment methods and cash acceptance policies in prominent locations, ensuring the public's right to information and choice [10]. - All payment and service transactions conducted online must be publicly announced in advance, respecting the public's right to know [1][10]. Group 3: Cash Service Optimization - Financial institutions are required to provide cash deposit and withdrawal services at all physical locations that accept personal customer deposits [14]. - The layout of cash service points and self-service machines must be designed to meet the needs of different customer groups based on the scale and characteristics of cash business [17]. - Businesses acting as payment recipients must support cash payments and cannot discriminate against cash transactions [20].

Core Viewpoint - The People's Bank of China (PBOC) has imposed economic penalties on two entities for refusing to accept cash payments, reinforcing the legal status of the Renminbi as a currency and protecting consumer rights [1][2]. Group 1: Penalty Details - The two entities penalized are Jiangsu Urban Space Operation Management Co., Ltd. and China Pacific Insurance Co., Ltd. Ningbo Beilun Branch, with fines of 20,000 yuan and 30,000 yuan respectively for refusing cash payments [2][3]. - Jiangsu Urban Space was penalized for not allowing cash payments for parking fees, while China Pacific Insurance refused cash for insurance transactions [2][3]. Group 2: Regulatory Actions - The PBOC will continue to address the issue of cash refusal to protect consumer rights and maintain the legal status of the Renminbi [5]. - The National Development and Reform Commission (NDRC) and the PBOC have publicly listed the entities that received administrative penalties on the "Credit China" website [5]. - A set of regulations regarding cash transactions was established in December to clarify the cash service obligations of various entities, including financial institutions [5].