Central Bank Revokes 26 Administrative Rules

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Last updated at: (Beijing Time) Tuesday, April 01, 2003

Central Bank Revokes 26 Administrative Rules

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The People's Bank of China (PBOC), China's central bank, announced Monday it has decided to revoke 26 rules on administrative ratification and will gradually sort out related regulations and regulatory files.

A PBOC circular said the move is carried out in accordance with related decisions made by the State Council. In January this year, the central bank put a stop to 25 such rules.

The circular said the central bank will continue to promote the reform of the administrative ratification system, and will improve services and operational efficiency according to the principles of openness, fairness and high efficiency.

The revoked rules mainly involve the trading of out-of-circulation Renminbi, the ratification of a licensed fake-money discriminator, trading of gold and silver, banking bills, Chinese branches of foreign banks and many other sectors.

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