China’s banking regulator has forbidden peer-to-peer lenders from pooling funds or selling popular high-yield investment products, the latest volley in Beijing’s battle against unruly online financing.
A new set of provisional rules jointly issued by the China Banking Regulatory Commission, Ministry of Industry and Information Technology, Ministry of Public Security and the Cyberspace Administration of China forbids P2P lending platforms from pooling funds, acting as guarantors of any kind or selling wealth management products, according to state media.
The rules also forbid P2P companies from engaging in asset securitisation and require banks to act as third parties that hold and manage funds on behalf of peer lending platforms.
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