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China to slash private lending rate cap from 24 per cent in effort to tackle ‘usurious loans’

Summary:
[unable to retrieve full-text content]China’s Supreme Court will significantly lower the legal interest rate ceiling on private loans to reduce borrowing costs for businesses, but some analysts fear that rigid control over the cost of financing could suffocate the country’s private lending market.China’s courts currently protect an individual or business in a dispute that involves loans with an interest rate of under 24 per cent.The nation’s top court did not specify what the new upper limit will be, but the ceiling could be four…

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[unable to retrieve full-text content]
China’s Supreme Court will significantly lower the legal interest rate ceiling on private loans to reduce borrowing costs for businesses, but some analysts fear that rigid control over the cost of financing could suffocate the country’s private lending market.China’s courts currently protect an individual or business in a dispute that involves loans with an interest rate of under 24 per cent.The nation’s top court did not specify what the new upper limit will be, but the ceiling could be four…

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