The People’s Bank of China (PBOC) announced the pilot plan of “large-sum cash management” in July. It is to impose stricter controls on accounts that reach a certain amount—for both individual and business clients. Analysts believe that authorities are attempting to take control of domestic bank accounts.
On June 10, the PBOC notified the public about rolling out the “large-sum cash management” plan, which will run for a two-year period.
