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Q3 non-cash payments fall for first time
Published on: 2008-12-30
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The amount of non-cash payments in China in the third quarter declined for the first time, the Xinhua News Agency reported. The amount of money involved in non-cash payments, including commercial papers and bank cards, was about 157.3 trillion CNY (22.97 trillion USD) in the third quarter, down 8.3% YoY. The first-ever drop was a proof of a less active economy, as the country saw its third quarter growth slow to 9%, the slowest pace in five years.
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