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.

Iran's Persian Gulf and Strait Authority (PGSA) announced on Monday that it had added 122 vessels to its non-compliance list for the Strait of Hormuz, according to Iranian media.

Citing a statement from the authority, Iranian media reported that action has been taken against more than 40 vessels. Nineteen vessels are currently in talks with the authority, seeking either to stay off the list or to be removed from it. Two vessels have agreed to fulfill the authority's terms and have been removed from the list. The authority noted that nearly 30 ships have received warnings. They will be placed on the blacklist if they fail to carry out necessary rectification measures. The PGSA said it will offer assistance to vessels that voluntarily address their violations.