Chinese provinces close four financial asset exchanges to combat illegal fundraising and local government financial risks.
Chinese provinces Hunan, Liaoning, Xian, and Chongqing are closing local financial asset exchanges to combat illegal fundraising and local government financial risks. Financial regulators canceled business licenses for these exchanges, aiming to strengthen financial regulation and resolve financial risks. The closure of these four exchanges is the beginning of a broader clampdown, with existing financial asset exchanges nationwide expected to gradually cease operations.
March 26, 2024
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