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When cash is no longer king

Daryl Guppy
Daryl Guppy2/17/2022 09:21 PM GMT+08  • 6 min read
When cash is no longer king
In recent months, it has become increasingly difficult to manage payments from Chinese business to foreign businesses.
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It was once said that cash was the friendliest way to do business. Of course, that came from a time when it was illegal to wear a mask when you walked into a bank.

Now, things are different — cash is suspect whilst masks are not.

Not so long ago, cash transactions were once the norm in China. Banks provided the archetypical brown envelope for large money transactions. This had a dark side, as cash was the preferred medium for those who wished to settle unlawful transactions. At this time, China was infamous for its bribery and under the table deals.

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