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China strengthens regulations on peer-to-peer lenders

China’s banking regulator has announced strengthened rules for the rapidly growing peer-to-peer lending industry, which has been plagued by widespread fraud and scandals. The new rules prohibit the provision of any guarantees to lenders, bar acceptance of deposits from public entities, rule out the creation of asset pools, impose limits on lending to individuals and companies and prevent peer-to-peer companies from selling wealth-management products. (China) (24 Aug.),  Bloomberg (24 Aug.)