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China may legalise unofficial banks
Published on: 2008-11-19
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China may legalise its thriving unofficial sector of "underground banks" in an attempt to help companies which have seen credit dry up recently, state media reported on Monday. Under the regulation drafted by the central bank, companies and individuals will be allowed to extend loans if they do not have bad credit or criminal records, the Beijing Times reported. But they are banned from accepting deposits, and their lending rate should be kept within four times the government-set benchmark interest rate, it added.
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