China moots legalising some private lenders
A senior official at the People's Bank of China (PBoC) said last Thursday that the central bank would support legalising some private lenders and dispensing with the interest rate ceilings in place for small lenders.
Zhou Xuedong, the director-general of the central bank's legal department, said in Beijing that the PBoC would submit proposals on the matter to the East Asian country's cabinet soon. The central bank was aware of the existence and importance of small non-bank lenders, he added. "We
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