PBOC in move on payment agencies

Third-party paying platforms required to deposit customer funds in banks

China's central bank, or PBOC, said on Friday that it will eventually ban all non-bank payment agencies, including Alipay, from using clients' money. As a first step, it will require all platforms to deposit some 20 percent of clients' funds to appointed bank accounts.

The move is the latest step taken by the central bank to tackle the financial risks caused by a rising number of institutions found illegally embezzling the money.