China’s central bank has unveiled new rules to streamline the flow of financial data across its borders, aiming to boost openness while keeping data secure. On Thursday, the People’s Bank of China announced that, alongside five other departments, it has released guidelines to make it easier for financial institutions to handle personal information and key data sent overseas.
The new regulations clarify how financial data can be transferred internationally, exempting certain business activities from data security checks. Despite the eased restrictions, the central bank emphasized that financial institutions must still implement necessary safety measures to protect sensitive information.
This move is part of China’s efforts to promote high-level openness in its financial sector, balancing the need for security with the benefits of global data exchange.
