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China has signalled it would lower the maximum interest rate allowed for private lending, part of efforts to ramp up scrutiny over the underground banking sector plagued with shady practices.
“The upper limit on private lending interest rates under judicial protection will be slashed sharply,” China’s Supreme People’s Court and top economic planning agency said in a statement released on Wednesday.
Currently, the ceiling is set at 24 per cent, which means courts provide legal protection for anyone in a dispute involving loans with interest rates up to 24 per cent, according . . .
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