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China mulls scrapping benchmark lending rates in line with market conditions in latest reform move

China is considering scrapping its official benchmark lending rates to allow banks to react to market conditions in the latest move to liberalise interest rates, People’s Bank of China governor Yi Gang said on Tuesday.Yi’s comments in the middle of the trade war with the United States may be a bid to show that Beijing remains determined to continue market-oriented reforms rather than embark on aggressive monetary easing to help stabilise the economy.Market reforms should continue to benefit… Source link

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China’s beleaguered peer-to-peer lending market will get a boost from Greater Bay Area development, says DBS Bank

China’s peer-to-peer (P2P) lending industry, which has shrunk dramatically under a government crackdown, should get a welcome boost from the development of the Greater Bay Area, according to DBS Bank.By 2030, P2P lending will enjoy an annual growth rate of 17 per cent in the new economic and innovation hub, making it the fourth-fastest growing sector there, the Singaporean bank estimated.In P2P lending, internet-based platforms match private investors with individuals or small companies that… Source link

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Tightened mortgage lending has pushed Hongkongers into arms of cash-rich developers and their expensive property loans

Mortgage loans for new homes provided by banks inched up 1.5 per cent in 2018, but the proportion of loans offered by non-banking financial companies, mainly developers’ finance companies, jumped to 21.7 per cent of the total, up from 14.6 per cent in 2017. Photo: Felix Wong Source link

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China 

China bank lending slows more than expected in April, raising concerns about economic outlook

China’s new bank lending slowed more than expected in April, triggering new concerns over the country’s economic outlook and prompting fresh calls for further monetary easing against the backdrop of heightened trade tensions with the United States.Banks made 1.02 trillion yuan (US$150 billion) of new yuan loans in April, lower than market expectations for 1.2 trillion yuan in loans and the 1.69 trillion yuan in new lending in March, according to data released by the People’s Bank of China (PBOC… Source link

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Vietnam 

New directive issued to fight ‘black lending’ – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A sign of a pawn shop. The Prime Minister has asked ministries, government agencies and ministerial-level units to tighten the management of pawn shops and financial support businesses to help people avoid taking loans from ‘black lending’ groups. – Photo news4.vnay.com.vn HÀ NỘI — The Prime Minister has released a directive to fight loan sharks who are targeting vulnerable people. ‘Black credit’ crimes and violations negatively affect the social and economic safety, noted the Directive 12/CT-TTg. ‘Black credit’ criminals have taken advantage of means of telecommunications in the form…

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Hong Kong traded shares in Chinese peer-to-peer lending platform Gold-Finance tank after founder put in police custody

China’s efforts to clean up its embattled peer-to-peer lending sector are behind the latest shock wave to affect trading in Hong Kong.Shares in Gold-Finance Holdings, a Chinese wealth management firm, tumbled as much as 70 per cent in the city on Tuesday. The decline came after police in China’s eastern city of Hangzhou said over the weekend its owner, Wei Jie, was in custody for suspicious illegal fundraising.The stock traded at 15.7 Hong Kong cents, slumping 67 per cent, before trading was… Source link

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Beijing’s P2P owners and senior executives hit with travel ban as China cracks down on online lending

Owners and senior executives of peer-to-peer lending platforms in the Chaoyang district of Beijing appear to have been asked not to leave China’s capital city pending an investigation into their business practices, according to the district’s Internet Finance Association.The notice, published on the association’s official social media account on Thursday, requires “senior managers” and controllers of peer-to-peer (P2P) platforms registered in Chaoyang district not to leave Beijing without… Source link

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China’s small business lending push could equal US$418 billion in new loans, S&P Global says

Beijing’s efforts to boost the availability of capital to the country’s smallest businesses could generate as much as 2.8 trillion yuan (US$418 billion) in new loans if the nation’s banks meet the government’s target to increase business lending this year, according to S&P Global.In March, Chinese Premier Li Keqiang called for the country’s biggest state-owned commercial banks to increase their loans to micro and small enterprises (MSE) by more than 30 per cent this year as China’s economic… Source link

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China 

China’s P2P lending market could be decimated this year amid Beijing crackdown

This photo taken on February 4, 2016 shows investors in Chinese online peer-to-peer lender Ezubao chanting slogans during a protest in Beijing. The protest came days after China announced that 21 people had been arrested on suspicion of defrauding around 900,000 people of more than 50 billion yuan, after Ezubao turned out to be a giant Ponzi scheme. Photo: Agence France-Presse Source link

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Vietnam 

Moody’s backs Việt Nam’s strict proposal on unsecured consumer lending – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  VPBank Finance Co., Ltd (FE Credit) has the highest proportion of personal loans in its loan portfolio among the three largest finance companies in Vietnam by total loans. — Photo zing.vn HÀ NỘI  —  Việt Nam’s stricter regulations on unsecured consumer lending are credit positive for finance companies, according to a recent credit outlook report released by the credit ratings agency Moody’s Investors Service. The State Bank of Việt Nam has proposed changes to regulations on personal unsecured lending by consumer finance companies. The proposed changes include limiting unsecured personal…

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