China pushing ahead financial reform in Wenzhou

A Chinese province is pushing ahead a closely-watched financial reform pilot project aimed at formalising private lending to reduce financial risks, official media reported on Friday.

Under a proposal made by Zhejiang province, the city of Wenzhou will draw up details of a trial that will allow individuals to make direct overseas investments in yuan, the China Securities Journal reported.

Wenzhou, a wealthy coastal city known for private entrepreneurs, was caught in an informal loan market debacle following a string of bankruptcies last year.

via Business feed http://www.scmp.com/business/economy/article/1089031/china-pushing-ahead-financial-reform-wenzhou