The People's Bank of China has published enforcement information on two economic penalties from the fourth quarter of 2024 after investigations confirmed refusals to accept renminbi (RMB) cash. The disclosure reiterates that RMB is legal tender and calls on businesses to respect the public’s choice of payment method. The central bank said it will continue its rectification work against refusals to accept RMB cash to protect consumers’ lawful rights and safeguard the legal tender status of the renminbi. It directed members of the public encountering such conduct to rely on the People’s Bank of China Announcement (2020) No. 18 to assert their rights, and released a penalty information table as an annex.
Central Bank of the Republic of China 2025-01-23
People's Bank of China discloses two Q4 2024 penalties for refusing to accept RMB cash
The People's Bank of China disclosed enforcement actions against two entities for refusing to accept renminbi (RMB) cash, reaffirming RMB as legal tender. The central bank emphasized ongoing efforts to rectify such refusals and protect consumer rights. It advised the public to reference the People’s Bank of China Announcement (2020) No. 18 to assert their rights.