April 23, 2020 / 9:31 AM / a month ago

China's PBOC Shanghai branch pledges to ban illicit funding of property purchases

BEIJING (Reuters) - The Shanghai branch of China’s central bank on Thursday said it will strictly ban illicit funding of real estate purchases via property-backed consumer or business loans, while continuing to step up credit support for small firms.

The People’s Bank of China’s Shanghai branch officials made the remarks at a work meeting attended by 18 major commercial banks in the financial hub.

Reporting by Lusha Zhang and Se Young Lee; Editing by Toby Chopra

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