China has launched a pilot programme in the northern province of Hebei requiring the public to apply for approval if they plan to make large cash deposits or withdrawals at commercial banks.The regulation comes after a series of bank runs in the past year at debt-laden small lenders and as an unprecedented pandemic-related economic contraction starts to take a toll.China Securities Journal reported last week." data-reactid="20">From July 1, residents in the province will need to provide information about the source of deposits or the purpose of withdrawals for transactions over 100,000 yuan (US$14,162) for individuals, and 500,000 yuan for corporations, the state-backed China Securities Journal reported last week.Global Impact newsletter on the big stories originating in China." data-reactid="21">Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China.Applicants will have to give one day,
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