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
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