A Chinese author has apologised to investors for endorsing Fanya Metals Exchange in a rare acknowledgment of the role celebrities and state media play in promoting high-interest products to the public.
As China’s economy slows, regulators are growing more concerned about the matter. The money raised is often lent at even higher rates in the unregulated shadow market, or used to pay returns to previous investors.
Based in the southwestern city of Kunming, the Fanya exchange traded in a little-known group of metals used in high-tech and military applications, as well as issuing very liquid products at interest rates as high as 13 per cent.
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