China releases guideline to facilitate cross-border financial data flow

China's central bank has released a new guideline on the compliance of cross-border data flow in the financial sector to make the cross-border flow of financial data from Chinese and foreign financial institutions more efficient and standardized.

The People's Bank of China said on Thursday that it has released the guideline together with five other departments, further clarifying specific scenarios for cross-border data transfers and the list of data items that can flow across borders.

The guideline also requires financial institutions to implement technical and managerial measures to safeguard data security, the PBOC said, adding that it will refine the guideline based on implementation feedback to drive sustained financial sector opening-up.