The draft rules from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) seek to increase the bar for micro-lenders to be able to provide online loans directly to consumers or jointly with banks, while limiting the amount they can lend.
BEIJING: China's central bank and regulators issued draft rules on Monday to boost the oversight of online micro-lending as it tries to rein in rising debt levels in the coronavirus-hit economy.
The draft rules from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) seek to increase the bar for micro-lenders to be able to provide online loans directly to consumers or jointly with banks, while limiting the amount they can lend.
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