Morning Highlights

1. Withdrawals Over 50,000 Yuan Will No Longer Require Registration
2. Airbus Issues Emergency Recall for Around 6,000 A320 Aircraft, Rolls Back Software Upgrade
3. Regulators Reiterate Crackdown on Cryptocurrency Trading
4. JD.com Announces Jingdou Rule Changes Starting in 2026
5. Beijing Revises Non-Motor Vehicle Regulations, Special Plates Coming for Delivery and Courier Bikes
6. Tesla Sells Only 100 Cars in India After Four Months
7. Rumors You Can Just Glance At

Withdrawals Over 50,000 Yuan Will No Longer Require Registration

On November 28, the People’s Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly released the Measures for the Administration of Customer Due Diligence and the Preservation of Customer Identity Information and Transaction Records by Financial Institutions, which will take effect on January 1, 2026. The Measures serve as one of the supporting regulations for the new Anti-Money Laundering Law that came into effect on January 1 this year. The law reflects a shift in regulatory philosophy from formalistic compliance to a risk-based approach, requiring financial institutions to adopt due diligence measures commensurate with the level of money-laundering risk.

Compared with the 2022 version, the new version abolishes the former Article 10, which had stated that “when providing cash deposits or withdrawals of over 50,000 yuan in RMB or over 10,000 USD equivalent in foreign currency for individual customers, financial institutions shall identify and verify the customer’s identity and understand and record the source or purpose of funds.” Although the old provision was suspended shortly after publication due to public controversy and never formally took effect, many banks in practice still treated it as a de facto guideline.

The new version also adds that “for situations involving lower risks of money laundering or terrorist financing, simplified due diligence measures may be taken as appropriate” (§3). Correspondingly, the new rules supplement the simplified due diligence section by specifying that products or services such as “accounts serving only social security or housing provident fund functions, and policy-based or mandatory insurance products” may be considered low-risk factors when assessing the risk of money laundering or terrorist financing (§29).

However, the new version tightens requirements for one-off financial services such as cash remittance, cash exchange, bill redemption, physical precious metals trading, and the sale of financial products. For any such transaction amounting to over 50,000 yuan in RMB or over 10,000 USD equivalent, financial institutions must retain copies or images of valid identity documents (§9). The previous version required this only for customers who did not hold an account at the institution.

In recent years, banks excessively questioning customers about the purpose of deposits or withdrawals has repeatedly sparked public concern. For example, on November 11 this year, CCTV reported that at a China Construction Bank branch in Dongying, Shandong, a lawyer attempting to withdraw 40,000 yuan was aggressively interrogated by the teller about the purpose of the withdrawal and the reasons for previous incoming transfers. When he challenged the questioning, bank staff threatened to call the police. The lawyer ultimately abandoned the withdrawal and left. Similarly, on November 28, 2024, a customer at an Agricultural Bank of China branch in Shenyang attempted to withdraw 5,000 yuan but was told that her husband must be present to prove their marital relationship.

Airbus Issues Emergency Recall for Around 6,000 A320 Aircraft, Rolls Back Software Upgrade

According to Reuters, on November 28, Airbus issued an emergency directive requiring the immediate recall and repair of roughly 6,000 A320-series aircraft worldwide (including the A319, A320, and A321)—more than half of all such aircraft currently in service globally. The large-scale recall stems from the investigation of a recent flight incident, in which technicians discovered that intense solar radiation could corrupt critical flight-control system data, creating a safety hazard. Both the European Union Aviation Safety Agency (EASA) and the U.S. Federal Aviation Administration (FAA), the primary certification bodies, have issued emergency airworthiness directives mandating that affected aircraft be grounded until repairs are completed.

The safety risk traces back to a JetBlue incident on October 30 of this year. During a flight from Cancún to New Jersey, the aircraft suddenly lost altitude, injuring passengers, before making an emergency landing in Florida. Investigations revealed that strong solar flare activity had interfered with the aircraft’s Elevators and Ailerons Computer (ELAC), causing an abrupt uncommanded descent. The current fix involves rolling the software back to an earlier version, requiring about two hours per aircraft. However, industry sources indicate that more than 1,000 aircraft may require more complex hardware replacements.

This incident marks one of the largest recalls in Airbus’s 55-year history and comes during peak holiday travel in Europe and the United States, already straining global airline capacity. Major carriers—including American Airlines, Lufthansa, Air France, and Air New Zealand—have begun grounding affected aircraft for inspection, resulting in delays and cancellations. Analysts note that widespread labor shortages and tight aircraft availability in the aviation maintenance sector make such rapid, large-scale unplanned repairs extremely challenging.

The A320 family recently surpassed the Boeing 737 to become the most-delivered commercial jet in history and remains a core workhorse of China’s civil aviation fleet. Chinese airlines operate large A320 fleets, and Airbus maintains a final assembly line in Tianjin. Although no detailed information has been released regarding how many domestic aircraft are affected, the high number of A320s in China suggests there may be downstream impacts on flight scheduling.

Regulators Reiterate Crackdown on Cryptocurrency Trading

According to Caixin, on November 28, the People’s Bank of China convened a meeting of the joint working mechanism for cracking down on cryptocurrency trading and speculation, attended by leaders from fourteen government ministries.

The meeting emphasized that cryptocurrencies do not possess the same legal status as fiat currency, lack legal tender attributes, and must not—and cannot—be used as currency in the market. Activities related to cryptocurrencies constitute illegal financial activities. Stablecoins are a form of cryptocurrency and currently cannot meet requirements in areas such as customer identification and anti-money laundering. They carry risks of being used for illegal activities such as money laundering, fundraising fraud, and unlawful cross-border capital transfers.

The meeting noted that recently, influenced by various factors, speculative cryptocurrency trading has resurged, and related illegal activities continue to occur, presenting new risks and challenges for regulatory oversight. Officials called for continued adherence to prohibitive policies on cryptocurrencies and sustained crackdowns on illegal financial activities involving digital assets.

Previously, on September 24, 2021, the People’s Bank of China and nine other agencies jointly issued the Notice on Further Preventing and Handling the Risks of Cryptocurrency Trading and Speculation, which clearly stated that cryptocurrencies do not have the same legal status as fiat currency. Activities related to cryptocurrencies—including overseas crypto exchanges providing services to Chinese residents via the internet—are considered illegal financial activities. Any legal entity, organization, or individual engaging in cryptocurrency investment or derivatives trading in violation of public order and good customs will have the related civil acts deemed invalid, and associated losses must be borne by the parties themselves. Activities suspected of disrupting financial order or endangering financial security are subject to investigation and punishment by relevant authorities.

Since July this year, cities including Shenzhen, Beijing, Suzhou, and regions such as Zhejiang have issued frequent risk alerts, warning the public against illegal fundraising and scams disguised under new concepts such as stablecoins and crypto assets. Regulators have repeatedly stated their intention to continue cracking down on cryptocurrency trading.

JD.com Announces Jingdou Rule Changes Starting in 2026

On November 28, JD.com announced that it will adjust the rules for “JD Beans” starting at 00:00 on January 1, 2026. JD Beans are reward points given to users based on their shopping, reviews, posts, and other activities on the platform. The program was launched in October 2013. When making purchases, 100 JD Beans can be used to offset 1 RMB, but the deduction cannot exceed 50% of the order’s settlement amount.

Under the new rules, the validity period of JD Beans will be shortened—from the current “valid until the end of the next calendar year” to a maximum of 180 days. Specifically, JD Beans earned through regular shopping, reviews, and posting photos will each have a validity period of 180 days. Beans earned through specific promotional events will have a validity period ranging from 1 to 180 days, depending on the event’s stated rules. If an order is canceled or returned after sale and the JD Beans used for deduction have already expired, they cannot be restored. Before the new validity policy takes effect, all existing unexpired JD Beans will retain their original validity period.

Beijing Revises Non-Motor Vehicle Regulations, Special Plates Coming for Delivery and Courier Bikes

On November 28, the Standing Committee of the Beijing Municipal People’s Congress voted to approve the newly revised Beijing Non-Motorized Vehicle Management Regulations, which will take effect on May 1, 2026. This marks the first revision of the regulations in seven years.

The full text of the new regulations has not yet been released. According to media reports, the revision clarifies the categories of non-motorized vehicles permitted on the road, prohibits scooters and balance boards from road use, and emphasizes that no competitive or large-scale cycling activities may occupy public roads without approval. The age limit for minors riding as passengers on electric bicycles has been adjusted from under 12 to under 16 years old, and both riders and passengers are required to wear helmets. The regulations also specify rules for greenways and riverside walking paths.

Regarding parking, the new regulations stipulate that parking facilities for non-motorized vehicles should primarily be built as supporting facilities, supplemented by independent construction and temporary setups. Where existing facilities are insufficient, they must be expanded or temporary parking zones must be established, and entities are encouraged to open internal parking facilities to the public. The regulations also include charging and battery-swap facilities within infrastructure planning and, in line with recently revised fire safety regulations, further emphasize the prohibition on bringing electric bicycle batteries into residential buildings.

The new regulations require electric bicycles used for internet-based rental services or for delivery work in courier and food-delivery sectors to be issued special license plates. Internet-rental e-bikes are brought under industry regulation. The revision also clarifies the responsible regulatory departments for new business models. Courier companies, e-commerce platform operators, and other relevant businesses that rely on non-motorized vehicles for delivery services must fulfill safety management obligations and optimize algorithmic rules as required.

Tesla Sells Only 100 Cars in India After Four Months

According to BBC, dealership data shows that since Tesla’s high-profile entry into the Indian market this July, the company has sold only around 100 cars. Of the roughly 600 orders received before mid-September, the actual delivery conversion rate was extremely low. Due to steep import duties, Tesla’s entry-level models cost more than 6 million rupees (about 474,500 RMB) in India, far higher than the roughly 2.2 million rupees (about 174,000 RMB) price point of mainstream local EVs.

Despite the weak start, Tesla recently opened its largest sales and service center in India, located in the northern city of Gurugram. The company also appointed a new head of India operations and introduced a three-pronged strategy focused on increasing EV adoption, expanding the charging network, and improving customer experience. In response to concerns over the high prices, the new executive said that although models like the Model Y require a larger upfront investment, owners can save about 2 million rupees (around 158,200 RMB) over four years through reduced fuel and maintenance costs, and that over-the-air software updates will further lower the total cost of ownership throughout the vehicle’s life cycle.

Tesla faces additional challenges in India. Currently, EVs account for less than 3% of total passenger car sales, and the country has only around 25,000 public chargers, indicating severe infrastructure gaps. Meanwhile, competitors such as BYD, BMW, and Mercedes-Benz have recently posted strong sales thanks to festival-season demand and tax incentives. Although the Indian government introduced an incentive policy last March aimed at encouraging global automakers to localize production, Elon Musk continues to favor a light-asset strategy centered on imports.

Beyond India, Tesla’s global performance has also come under pressure. Due to rising tariffs and increased R&D spending, Tesla’s third-quarter profit fell 37% year-over-year. While quarterly revenue hit a new high, Tesla is facing slowing demand in its core mature markets of Europe, China, and the United States.

Rumors You Can Just Glance At

• According to X user Tibor, the ChatGPT Android app (version 1.2025.329 beta) contains multiple code references related to advertising features, including mentions of “bazaar content,” “search ad,” and “search ads carousel” placements.
• According to Caixin, citing several Baidu employees, multiple departments across Baidu’s business lines began layoffs last week, with layoff ratios ranging from 10% to 25%, and some departments nearing 30%. This marks the company’s largest round of layoffs in recent years, exceeding typical year-end adjustments. With signing compensation included, severance packages can reach up to N+3.5 (years of service plus 3.5 months of salary). Many employees believe that the internal adoption of AI tools and the business-model shifts brought by AI are key drivers behind this round of layoffs.
• According to The New York Times, despite inflationary pressures and economic uncertainty, U.S. consumers demonstrated strong purchasing power during Black Friday 2025, with online spending hitting record highs. Adobe Analytics data shows that online spending on Friday reached $11.8 billion, a 9.1% increase over last year; Thanksgiving Day online spending reached $6.4 billion. According to Mastercard SpendingPulse, online sales jumped 10.4%, while brick-and-mortar retail saw a modest 1.7% increase. Apparel and jewelry were among the hottest categories. However, consumer behavior showed clear signs of caution and polarization, with shoppers placing more emphasis on cost-effectiveness. Additionally, roughly half of total U.S. consumer spending came from the top 10% of households by income, partially masking the consumption downgrade among lower-income groups.