Wenzhou issues "Guidelines for the establishment" of microcredit companies

Translated Summary:
Wenzhou City, Zhejiang Province will issue regulatory directions on microfinance companies' operations. According to the directions, microfinance companies should register their equities within one year after their foundation. Each microfinance company can finance from up to two commercial banks at a limit of 50% of the company's capital, and the interest rate should be below two times of Libor.
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