China's central bank hits pause on Tencent Credit | Top News | SupChina

China’s central bank hits pause on Tencent Credit

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A written agreement of some kind between the Vatican and China on the appointment of bishops could be signed in a few months, according to media reports.

  • The Catholic church has been trying — with varying degrees of success — to get on with the ruling powers in Beijing since the 16th century, so this would merely be the latest gambit in some sense.
  • Nonetheless, it would be a real change for practicing Catholics in China.

Vatican and Beijing on cusp of ‘historic breakthrough in relations,’ says report


China’s central bank’s credit bureau questioned faith and trust of an entirely different kind today, according to Caixin: the department of the People’s Bank of China responsible for monitoring loans has told Tencent’s credit rating arm to pull a credit scoring service, just one day after its launch as a trial program, which we reported yesterday. Caixin cited a source that said “ongoing concerns about the misuse of credit and personal-credit information were the primary reasons that regulators issued the ‘window guidance’ to Tencent.”

Alibaba already operates a credit rating service, so it’s likely that Tencent will be able to jump through the regulatory hoops. Caixin said that “industry insiders” indicated that “the move was not surprising under the current regulatory environment,” noting that Alibaba’s Ant Financial Services Group “was reprimanded by regulators earlier this year for automatically enrolling users in a credit scoring program.”

Jeremy Goldkorn

Jeremy Goldkorn is co-founder of the Sinica Podcast and currently edits SupChina and its daily newsletter.