Measures for the administration of bank accounts

Legal analysis: Bank account management measures are aimed at strengthening RMB bank settlement and account management, and managing and maintaining the stability of economic and financial order. Banks refer to banking financial institutions established in People's Republic of China (PRC) according to law and approved to engage in RMB payment and settlement business. The People's Bank of China is the supervision and management department of bank settlement accounts, and is responsible for inspecting and supervising the opening, use, alteration and cancellation of bank settlement accounts. The People's Bank of China monitors and manages the opening, use, alteration and cancellation of bank settlement accounts through the RMB bank settlement account management system and other legal means.

Legal basis: Article 29 of the Law of People's Republic of China (PRC) Commercial Bank shall follow the principles of voluntary deposit, freedom of withdrawal, interest-bearing deposit and confidentiality for depositors. Commercial banks have the right to refuse any unit or individual to inquire, freeze or deduct personal savings deposits, except as otherwise provided by law.