Chinese regulators are considering new rules to cap P2P (peer-to-peer) lending in order to control risk and protect investors, eight months after it initiated a campaign to "clean up" faulty P2P lenders, according to Chinese media reports.
An individual lender can provide loans of no more than RMB200,000 (US$29.976) on one P2P platform, and can lend no more than RMB1 million (US$150,000) in aggregate across different P2P channels.
For other non-individual legal entities, the cap is RMB1 million on a single platform and RMB5 million across all P2P channels, according to Chinese media reports citing an insider.
These rules are likely included in a new regulation to be jointly released soon by the China Banking Regulatory Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, The Cyberspace A...
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