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China to abolish some retail banking charges

03-15-2011 09:31 BJT

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China will abolish some retail banking fees, including those for opening and closing accounts and for password resets.

The country's central bank published the new rules on its website, saying banks will also be barred from charging management fees for handling salary, pension and housing funds. The new rules will take effect from July 1st.

The central bank says they are aimed at helping banks further perform their social responsibilities. Charges on personal bank accounts, though often very small, have become a hot target of public critics towards banks in recent years in China.

Analysts say the fee curbs will appease consumers, but will have a limited impact on the overall profitability of Chinese banks.

Editor:Xiong Qu |Source: CNTV.CN

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