A Chinese bank clerk counting renminbi banknotes at a bank in Huaibei in Anhui province. Photo: SCMP
China’s central bank orders crackdown on online lenders to curb runaway credit
Effective immediately, no new licences can be issued for online platforms, while bricks-and-mortar lenders can only operate within their registered locations, according to the central bank’s November 21 instructions.
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A Chinese bank clerk counting renminbi banknotes at a bank in Huaibei in Anhui province. Photo: SCMP
