On November 2nd, the PBoC and the CBIRC issued draft rules to tighten oversight of online micro-lending as it tries to rein in rising debt levels in the economy. Under the draft rules, small online lenders would be required to provide at least 30% of any loan they fund jointly with banks. In addition, regulators set a RMB 5 billion (USD 748 million) registered capital threshold for micro-lenders that offer loans online across different regions. The current threshold varies between provinces but is well below 1 billion yuan. Lenders will have 12 months to comply with the new rules once they become official.