SHANGHAI, Feb 8 — A senior Chinese central banker called today for a crackdown on brokerages and banks doing online business in mainland China without local licences.
China must “mete out heavy penalties against illegal financial activities, and strictly pursue criminal and civil responsibility,” Sun wrote in China Finance, a PBOC publication. In Sun’s article, which focuses on the boundaries of financial services in a digital economy, regulators appear to be targeting more types of institutions.
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