May 4, 2018 / 8:20 AM / 20 days ago

China bans private lending businesses without approval

BEIJING (Reuters) - China has banned companies and individuals from setting up private lending businesses without regulatory approval, the banking and insurance regulator said on Friday.

A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

China will crack down on several illegal financial practices including illegal fund raising related to private lending, according to a document on the regulator’s website.

Reporting by Beijing Monitoring Desk; Editing by Kim Coghill

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