May 4, 2018 / 8:19 AM / 6 months ago

China bans private lending businesses without approval

A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration

BEIJING (Reuters) - China has banned companies and individuals from setting up private lending businesses without regulatory approval, the banking and insurance regulator said on Friday.

China will crack down on several illegal financial practices including illegal fund raising related to private lending, according to a document on the regulator’s website.

Reporting by Beijing Monitoring Desk; Editing by Kim Coghill

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