A Chinese author has apologised to investors for endorsing Fanya Metals Exchange in a rare acknowledgment of the role celebrities and state media play in promoting high-interest products to the public.
As China’s economy slows, regulators are growing more concerned about the matter. The money raised is often lent at even higher rates in the unregulated shadow market, or used to pay returns to previous investors.
Based in the southwestern city of Kunming, the Fanya exchange traded in a little-known group of metals used in high-tech and military applications, as well as issuing very liquid products at interest rates as high as 13 per cent.
您已阅读23%（643字），剩余77%（2139字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。