China tightens regulations on consumer finance companies

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China tightens regulations on consumer finance companies
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China has tightened the screws on consumer finance companies, raising the capital limit for non-bank financial firms which provide small personal loans.

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The measures announced by the National Financial Regulatory Administration on Tuesday will come into effect April 18.

The new rules stipulate that firms eligible to provide consumer loans — excluding those for home and car purchases — need to have a minimum registered capital of 1 billion yuan . That's triple the minimum amount required previously under 2014 rules, according to Reuters.

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