The People's Bank of China recently issued the Circular about Pilot Launch of Large-sum Cash Management. The pilot program will last two years and will be implemented in Hebei before expanding to Zhejiang and Shenzhen.
The pilot program will begin in Hebei from July 2020 and expand to Zhejiang and Shenzhen from October 2020. The circular said large-sum cash threshold should be set at a reasonable level, so that a large majority of cash transactions in the everyday life are below the cash threshold; appropriate measures should be taken to enhance large-sum cash management. The circular explained that large-sum cash management would not have any significant impact on citizens' everyday economic activities, and customers would not face any cash withdraw restrictions as long as they make appropriate registrations.