China's central bank planning to set up personal credit reporting agency

Shanghai

CHINA'S central bank is setting up a personal credit reporting agency that would have a strong focus on providing information protection, state newspaper People's Daily reported on Wednesday citing its vice-governor.

The agency was needed as the country's existing centralised credit scoring system only contained personal debt information held by traditional financial institutions, Chen Yulu told the newspaper. "At present the People's Bank of China is cautiously and strictly setting up a market-based personal credit reporting agency," he said.