China's central bank has launched a payment system that allows clients to complete a wide range of transactions at banks other than their own, the Beijing Times reported.

After signing an agreement with account banks, clients can deposit, withdraw or transfer small sums of money – up to 20,000 yuan (US$2,695) -- at any outlet of lenders involved in the program, the report said.

Several banks began the business yesterday in 14 Beijing outlets as a trial, the report said.

Clients need to pay a certain fee for transactions. For example, China Construction Bank and Bank of China charge one percent of the transacted sum, while China Merchants Bank charges 0.1 percent for transactions in the same city.

(Shanghai Daily November 19, 2007)