China’s commercial banks are tightening oversight of clients using credit cards to fund stock investments as small-time investors pour in to catch the nation’s $1 trillion market rally.
Lenders including China Minsheng Banking Corp. and Huaxia Bank Co. warned over the past month that credit card funds and cash advances can’t be used for investments among other prohibited areas, according to statements seen by Bloomberg News. Any violations could lead to the transactions being canceled and to restrictions on card use, they said.
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