Beijing is forcing a steep cut in borrowing costs across its multi-trillion yuan consumer credit market and dismantling the core business model of loan facilitators
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China’s latest consumer finance directive lowers effective rate ceilings and puts banks on the hook for total loan costs. Photo: VCG
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Plan will subsidise one percentage point of the annual interest on loans, capped at half of the contracted loan interest rate.
Rural and privately owned lenders lifted some long-term rates to compete with state-owned banks, whose return to five-year…
