PBoC bans high-value paper-based commercial drafts
As of next year, commercial drafts worth $450,000 or more will have to be conducted electronically, China’s central bank has ordered. The move follows a string of fraud cases.
The People’s Bank of China (PBoC) just signalled the death of high-value paper-based commercial bills, after informing the country’s financial institutions* they must move to electronic-based transactions by the start of next year.
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