December 1, 2017 / 8:13 AM / a year ago

China's banking regulator says will clean up existing micro loans

BEIJING (Reuters) - China’s banking regulator said on Friday that it will clean up existing micro loans after it suspended its approval for new micro loan firms, amid a crackdown on riskier borrowing.

The regulator is also taking measures to curb the rampant growth of cash loans and financial institutions must be licensed for cash lending, Feng Yan, vice chief of Financial Inclusion Affairs Department of the China Banking Regulatory Commission said in a briefing.

Feng also said new rules on micro loans and cash loans will be issued soon.

Reporting by Shu Zhang and Beijing Monitoring Desk; Editing by Simon Cameron-Moore

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