Bloomberg News

China’s Wenzhou City Limits Private Loan Company’s Lending Rates

October 03, 2011

Oct. 3 (Bloomberg) -- The Wenzhou city government in China has set a upper limit on the lending rates charged by private non-bank institutions in the city as part of its efforts to control systemic risk in the banking sector, the government said in a Sept. 28 statement on its website.

Private non-bank institutions can only extend loans at an interest rate that does not exceed four times the benchmark lending rate, the statement said.

--Editor: James Gunsalus

To contact the reporter on this story: Stephanie Tong in Hong Kong at stong17@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net -0- Oct/03/2011 06:57 GMT


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