China puts leash on online micro-lenders sending US listed shares for a dive

China puts leash on online micro-lenders sending US listed shares for a dive

The Chinese Communist Party (CCP) seal displayed inside the Great Hall of the People prior to the opening session of the National People's Congress in Beijing, China, on Friday, March 5, 2010. Photographer: Nelson Ching/Bloomberg

China took steps to rein in the rapidly growing and lightly regulated market for online micro-lenders in the government’s latest crackdown on internet finance, sending shares of U.S.-listed Chinese financial firms into a tailspin.

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