China’s central bank is leading a wide-ranging clean-up of the country’s unruly internet finance sector, including a suspension on registering new companies with “finance” in their names, local media have reported.
Internet finance has grown rapidly in China over the past two years, but this growth has also attracted fly-by-night operators and outright fraud.
Last week, multiple agencies led by the People’s Bank of China approved a plan for cleaning up internet finance, respected business news magazine Caixin reported on its website.
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