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Chinese regulator asks banks to set up inclusive finance divisions

Large and midsize commercial banks in China will have to set up inclusive finance divisions by the end of 2017 to increase lending to micro-, small and medium-sized enterprises, according to guidelines released by the China Banking Regulatory Commission.

The regulator said small enterprises in the country are facing difficulties in obtaining financing and credit, according to a May 23 notice. The regulator will require banks to establish mechanisms for accounting and risk management, among others.

Outstanding loans to small firms in China stood at 27.8 trillion Chinese yuan as of March, an increase of 14.4% from March 2016, according to a May 26 CBRC statement.

As of May 26, US$1 was equivalent to 6.86 Chinese yuan.