China's central bank rolls out one-time credit repair policy

China's central bank on Monday rolled out a one-time credit repair policy on its official website to support efficient and convenient credit restoration for individuals who, despite past credit impairments, are demonstrating positive repayment behavior.

According to the policy made by the People's Bank of China (PBOC), the central bank, for personal overdue information with a single amount not exceeding 10,000 yuan (about 1,420.26 U.S. dollars) during the period from January 1, 2020 to December 31, 2025, the financial credit information database will not display the overdue information if the individual repays the overdue debt in full before March 31, 2026.

The policy does not differentiate between financial institutions or business types, nor does it limit the number of transactions. The policy also requires no application or action from individuals, and no supporting documentation is needed. The credit information system automatically identifies and processes eligible overdue information.

"Credit has long been integrated into all aspects of daily life, and this policy clearly draws a rigid bottom line: those with outstanding debts will not be included in the repair scope. Through precise measures, the credit system will have both 'teeth' and 'warmth'," said Zhang Jun, chief economist at China Galaxy Securities.

China's central bank rolls out one-time credit repair policy

China's central bank rolls out one-time credit repair policy

Thousands of mourners gathered under tight police security at Sydney’s iconic Bondi Beach on Sunday evening to mark one week since a fatal mass shooting claimed the lives of 15 innocent people there.

Sunday was also set as the national "day of reflection" in Australia.

Sixteen people, including one alleged gunman, were killed in a mass shooting that targeted an event celebrating the first day of the Jewish festival of Hanukkah at Bondi Beach a week earlier, with at least 42 others injured.

As the whole beach was packed with people who came to pay their tribute, a large number of police officers were patrolling on the site, along with snipers who were on high alert.

On the nearby waters, patrol boats were on duty as well.

"To the families, all I can say is, there are many Australians like me who appreciate you, who want you to be able to live in peace," said a local resident.

"Tonight, I'm here. This is my form of expressing solidarity with my community. I think this is a time for all of us to come together in a show of solidarity, in a show of hopefully of peace," said another local resident.

According to the latest report from New South Wales Ministry of Health on Monday, among the injured people, 13 are still under treatment, with four of them in critical condition.

Thousands gather at Sydney's Bondi Beach to mark one week after fatal mass shooting