Organs, groups, troops, enterprises, public institutions, individual economic households and individuals (hereinafter referred to as depositors) and bank and non bank financial institutions (hereinafter referred to as banks) who open renminbi deposit accounts in China must comply with the provisions of the accounts management regulations.

The opening, use and management of foreign exchange deposit accounts shall be carried out in accordance with the regulations on foreign exchange accounts issued by the State Administration of foreign exchange.

The depositors should have sufficient funds in their accounts to ensure payment.

The depositor opens a basic deposit account in a bank and implements a permit system for issuing an account by a local branch of the people's Bank of China.

If the bank opens or revoke accounts for depositors, it must declare it to the branches of the people's Bank of China.

The depositors may not open a basic deposit account in a number of banking institutions in violation of the regulations.

A depositor may not open a general deposit account in several branches of the same bank.

The depositors' accounts can only handle the business activities of the depositors themselves, and they can not rent or pfer accounts.

The bank is responsible for the examination of the accounts opened or cancelled according to the provisions of these measures, correctly handling accounts opening and closing accounts, establishing and perfecting the registration system for the expense households, establishing account management archives, and checking accounts with depositors regularly.

The cancellation of the basic deposit account by the opening bank of the bank, the opening or cancellation of the general deposit account, the temporary deposit account and the special deposit account shall be reported to the local branches of the people's Bank of China within 7 days from the date of opening or cancellation.