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China’s Supreme People’s Court said it will slash the maximum interest rate on private loans protected by law, in a move to ramp up crackdown on the private lending sector plagued with shady practices and lower borrowing costs of small businesses.
The ceiling on private lending will be capped at four times the Loan Prime Rate (LPR), He Xiaorong, a member of the Supreme Court’s judicial committee, said at a briefing on Thursday. The new rules will become effective on August 20.
LPR, the benchmark of bank lending, is published on or . . .
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