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China lays down the law on online lenders, vows to 'cleanse' market

Online platforms should not take deposits, pool investors' money, or guarantee returns, regulator says


CHINA's banking regulator laid out planned restrictions on thousands of online peer-to-peer lenders, pledging to "cleanse the market" as failed platforms and suspected frauds highlight risks within a booming industry.

Online platforms shouldn't take deposits from the...

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