PBOC to Test Bills of Exchange Trading Platform in Bid to Halt Fraud

(Shanghai) — China's central bank is planning to test a trading platform for bills of exchange in early December in a bid to set up a unified transaction system and curb fraud.

The People's Bank of China (PBOC) issued a document to commercial banks on Wednesday, announcing that the first phase of a trial run of a trading platform for bills of exchange will start on Dec. 8 and run until Feb. 17. The PBOC confirmed the contents of the document with Caixin. After Feb. 17, a transitional period will run through the end of July, during which time more financial institutions will be invited to participate.