Legal analysis: New credit card regulations: 3-day grace period for repayment, limited cancellation of full penalty interest.

Legal basis: "Law of the People's Republic of China and the People's Bank of China"

Article 19 It is prohibited to counterfeit or alter RMB. It is prohibited to sell or buy counterfeit or altered RMB. It is prohibited to transport, hold, or use counterfeit or altered RMB. Intentional damage to RMB is prohibited. It is prohibited to illegally use RMB images on promotional materials, publications or other commodities.

Article 26 The People's Bank of China may open accounts for banking financial institutions as needed, but may not overdraft the accounts of banking financial institutions.

Article 27 The People's Bank of China shall organize or assist in organizing a clearing system between banking financial institutions, coordinate the clearing matters between banking financial institutions, and provide clearing services. Specific measures will be formulated by the People's Bank of China. The People's Bank of China, together with the banking regulatory authority of the State Council, formulates payment and settlement rules.

Article 28 The People's Bank of China may decide the amount, term, interest rate and method of loans to commercial banks based on the needs of implementing monetary policy, but the term of the loan shall not exceed one year.

Article 29 The People's Bank of China shall not overdraft the government's finances, or directly subscribe or underwrite treasury bonds and other government bonds.