PBOC's Zhou Calls for Curbing Online Finance

(Beijing) – China's central bank governor wants to curb Internet-based financial services offered by firms such as Alibaba Group Holding Ltd. so that someday they may be on an "equal footing" with traditional banks.

Many government officials "emotionally support" innovative, online banking but will tap the brakes on these services to control shadow banking, Zhou Xiaochuan, governor of the People's Bank of China, told an International Monetary Fund (IMF) forum June 24 in New York.