China tightens rules for P2P lending platforms

China tightens rules for P2P lending platforms

A clerk counts Chinese yuan and U.S. dollar banknotes at a branch of Bank of China in Taiyuan

China‘s government has approved a plan to clean up the country’s online financial sector, according to people with direct knowledge of the matter, including rules to limit the activities of P2P lending firms, the source of recent fraud scandals.

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