China issues draft rules to regulate online micro-lending business

China's central bank and its banking and insurance regulator issued draft rules on Monday for online micro-lending, stipulating that lenders offering loans across different regions should have registered capital of at least 5 billion yuan ($747 million).

Micro-lenders that only offer loans online in one region should have registered capital of no less than 1 billion yuan, according to the draft from the People's Bank of China and the China Banking and Insurance Regulatory Commission, which is open to public feedback until Dec. 2. ($1 = 6.6903 Chinese yuan renminbi)