China Issues New Rules to Clean Up Online Microloans
China’s top financial regulators issued new rules Friday to ban unlicensed operations and cap borrowing costs in the country’s burgeoning online microlending market in the latest effort to clean up unregulated lending activities and rein in financial risks.
The new rules came a week after China urged provincial governments to suspend license approvals for new online small loan companies, signaling the country’s tightening oversight of the fledging sector.
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