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China tightens rules for online P2P firms

CCTV.com

08-24-2016 16:18 BJT

The China Banking Regulatory Commission released new rules to tighten the supervision of online P2P firms on Wednesday.

The new rules stipulate that the firms can't take public deposits, create asset pools or provide guarantee for lenders.

Meanwhile, the rules also mandate that P2P firms should play the role of information, but not credit, intermediaries. The new rules also increase the requirements for information disclosure as well. 

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