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China's central bank to raise reserve funds ratio of third-party payment firms to 50 percent
China’s central bank said it will gradually raise the reserve funds ratio of third-party payment firms to 50 percent by April 2018 from a current rate of 20 percent, as it continues to ramp up regulation of the industry. The bank will increase the rate by 10 percentage points a month from February to April, it said in a statement released on its website on Friday evening. The central bank said earlier this year that it will eventually ban non-bank payment firms from making any private investments with money deposited by users, which would see the reserve rate at some point increased to 100 percent. China’s third ... (full story)