Seeking to tighten monitoring of online payments and close potential loopholes for fraud or money laundering, People's Bank of China has set a June 2018 date for firms such as Ant Financial, Tencent and others to route transactions through a new central clearinghouse.

China's central bank requested that the China National Clearing Center establish the new operating platform, called Wanglian, for 44 financial firms, Chinese media reported this week.

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