May 19, 2022 06:45 PM

Chinese Banking Watchdog Says It’s Looking Into Rural Lenders Who Froze Online Services

What’s new: China’s top banking regulator and central bank are paying close attention to the case of four Henan province village lenders who stopped offering online banking services, leaving nonlocal customers unable to transfer funds out of their accounts, a representative of the China Banking and Insurance Regulatory Commission (CBIRC) said Wednesday.

The Henan office of the CBIRC and the Zhengzhou sub-branch of the central bank have been instructed to work with local authorities on the matter, the representative added.

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