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China’s Central Bank Governor Vows More Fintech Crackdown

  • Governor Yi says China will promote the fair use of data
  • China is willing to participate in international rules-making
Bloomberg business news
WATCH: PBOC says it will continue to strengthen the regulation of the payments sector and ask all financial services companies to be licensed. Stephen Engle reports.(Source: Bloomberg)
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China will continue taking steps to curb monopolistic behavior among internet platform companies and strengthen the protection of consumer privacy and data security, central bank Governor Yi Gang said.

“We will continue to cooperate with anti-monopoly authorities to curb monopolies and actively deal with algorithm discrimination and other new forms of anti-competition behavior,” Yi said Thursday during a keynote speech at the Bank for International Settlements’ conference on Regulating Big Tech.