China imposes limits on auto loans to curb risk

Newswire

SHANGHAI, Aug 17 (Reuters) - China will allow buyers of new cars to borrow up to 80 percent of the cost, the central bank said Tuesday in rules governing the nascent auto financing industry to curb risks amid a growing pool of sour car loans. The People's Bank of China would limit to five years the maturity of most car loans and strengthen risk control management, it said in rules published on its Web site (www.pbc.gov.cn) and due to take effect October 1. The rules comprised the final ...

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