China will abolish permits for opening bank accounts by companies by end-2019

FILE PHOTO: Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, in this March 30, 2016 file picture. REUTERS/Kim Kyung-Hoon/File Photo

BEIJING (Reuters) – China’s central bank said on Tuesday it will abolish permits for opening bank accounts by companies by the end of 2019, in line with a state council directive to reduce administrative red tape.

Reporting by Beijing Monitoring Desk; Editing by Paul Tait