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Another local government bans all P2P lenders, more expected to follow suit

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The local government of Chongqing city, a provincial level city in southwestern China has decided to ban all peer-to-peer (P2P) lenders, a local financial regulator said on Friday, after Shandong and Hunan provinces last month took the most radical action by a provincial government against the sector.

None of the 29 P2P lending companies operating in the region complied with regulations and passed their scrutiny, according to a statement released on Friday by the local . . .

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