To encourage and guide businesses to uphold the legal tender status of the RMB and enhance their awareness that cash is a form of payment recognized by law as acceptable for settling debts and obligations, the People’s Bank of China has introduced a sign indicating commitment to accept cash RMB payments. Businesses are expected to post the sign on a voluntary basis, thereby joining effort in helping create a convenient social environment for cash payment to facilitate the use of cash by elderly people, overseas visitors to China, and other groups. As stipulated in Article 16 of the Law of the People’s Republic of China on the People’s Bank of China, “The legal tender of the People’s Republic of China is the renminbi (RMB). The renminbi is used to repay all public or private debts within the borders of the People’s Republic of China, and no organization or individual shall refuse to accept it.” All entities that engage in RMB receipts and payments due to provision of goods and services to others or out of lawful duties or management needs should abide by the relevant laws and regulations on RMB management. They should readily regulate their conduct of cash receipts and payments, respect consumer choices of payment methods, and accept cash payments. At the same time, they should be properly prepared for cash acceptance and get small change ready. They shall not reject cash payments or discriminate unreasonably against cash payments.
Sign of Cash Payment Acceptance
