China cuts bank transaction fees
China will cut bank transaction fee for small and micro-sized enterprises and self-employed individuals. Services affected include bank account services, RMB settlement and e-banking and inter-bank ATM cash withdrawal fees. According to preliminary estimates, the implementation of the fee reduction measures is expected to reduce the annual fee expenditure by about 24 billion yuan (about $3.71 billion). The measures will come into effect at the end of September 2021.