PBOC plans to tighten regulation of Internet finance

The People's Bank of China says it has no intention of shutting down Internet financial products such as Yu'E Bao, but it plans to strengthen regulation to guide the growth of Internet finance. Yu'E Bao, a money market fund backed by Alibaba Group Holding, has attracted a big following among consumers and has grabbed business from traditional Chinese banks, which are limited to paying 3.3% interest on one-year deposits.

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