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    Central bank plans clearinghouse for online transactions

    By Wang Yanfei and Jiang Xueqing | China Daily | Updated: 2016-08-16 07:48

    Goal is to prevent fraud, increase transparency and guarantee funds

    China's central bank is building a clearinghouse for online transactions to tame online finance risks and better regulate the expanding industry.

    The People's Bank of China has approved preliminary plans for the establishment of the platform and the management plan submitted by the Payment and Clearing Association of China, the nation's regulatory body for the industry, the central bank said.

    Central bank plans clearinghouse for online transactions

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