China’s peer-to-peer lending industry, the world’s largest, is shrinking

#China's peer-to-peer lending industry, the world’s largest, is shrinking, BBG reports. Savers have been rushing to pull money amid a govt crackdown that's seen some platforms halted & put under police investigation. Outstanding loans dropped 26% in July to 956bn yuan ($139bn). pic.twitter.com/Eu66AZl08P

— Holger Zschaepitz (@Schuldensuehner) August 21, 2018

New deputy #PBOC governor Zhu Hexin:
China will not use strong stimulus to support the economy;
will maintain liquidity reasonably ample;
will enhance financial sector's ability to serve real economy;
will make policies more forward looking and flexible.

— Y&T Intelligence (@YTIntelligence) August 21, 2018

https://twitter.com/RealDavidJensen/status/1031633719138824193