China relaxes rules for consumer, auto finance companies to boost consumer lending

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China’s top banking regulator has relaxed requirements for licensed consumer finance and auto finance companies to boost consumer lending amid the economic recovery from the coronavirus outbreak.

Consumer and auto finance companies that meet certain criteria are allowed to set aside less money to cover potential losses from non-performing loans (NPLs), according to a notice released by the China Banking and Insurance Regulatory Commission (CBIRC).

The companies will be allowed to apply to lower their loan-loss provisions to as low as 130 per cent of their NPLs, compared to the previous floor . . .

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