China’s main financial regulator The People's Bank of China (PBoC) is planning to set up an internet banking network by mid-2010, several online news outlets have reported quoting statement released by a PBoC official.

The network is set to allow China’s online banking users to carry out interbank transactions online, irrespective of the bank which hosts their individual accounts. The decision follows a survey carried out by the China Financial Certification Authority which has shown that around 20 percent of the adult urban population (in the 35 cities around China which took part in the research) banks online.

The same report has shown that individuals use online banking services 5.6 times every month (on average). In China, business internet banking accounts for around 70 percent of all online banking activities.