FILE PHOTO: A man rides an electric bike past the China Banking and Insurance Regulatory Commission (CBIRC) building in Beijing, China February 14, 2019. REUTERS/Stringer
May 9, 2020
BEIJING (Reuters) – China’s banking and insurance regulator on Saturday issued draft rules on commercial banks’ online lending business, in a move to rein in financial risks.
Bank loans issued online cannot be used to purchase property, stocks, bonds, futures and financial derivatives, the China Banking and Insurance Regulatory Commission said in a statement.
It added that banks should cap online consumer credit lines for each client at 200,000 yuan ($28,276).
(Reporting by Cheng Leng and Kevin Yao; Editing by Jacqueline Wong)