BEIJING (Reuters) - China's Supreme People's Court said on Thursday that it will slash the ceiling of the private lending rate protected by law, a move to crackdown on usurious loans and lower the costs of country's struggling small businesses.
The ceiling will be capped at four times that of the loan prime rate (LPR), said He Xiaorong, a member of the Supreme Court's judicial committee, at an online new conference, meaning the upper limit of one-year private loan would be capped at about 15.4% based on the current LPR rate.
Before the amendment, China's courts would protect an individual or business in private loan disputes with interest rates below 24%. Private loan interest rates above 36% are considered as illegal loans.
Reprinted from investing.com, the copyright all reserved by the original author.
風險提示：本文所述僅代表作者個人觀點，不代表 Followme 的官方立場。Followme 不對內容的準確性、完整性或可靠性作出任何保證，對於基於該內容所採取的任何行為，不承擔任何責任，除非另有書面明確說明。
暫無評論，立馬搶沙發