News Snapshot:
China’s top financial regulators have summoned 13 of the country’s technology companies that run online financial businesses, including Tencent Holdings and Tik Tok-owner ByteDance, and told them to step up anti-monopoly measures and to halt “the disorderly expansion of capital”. The People’s Bank of China (PBOC), the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange talked as one with the tech-run online financial platforms on Thursday, according to an announcement issued by the central bank late that evening. The companies asked to attend were internet giant Tencent, Baidu’s fintech arm...
