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China Bans Quirky Bank Gifts Amid Rate Drop

6/12/2025

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Summary

Story summary

In a bold move, Chinese regulators have cracked down on banks using quirky gifts, such as Labubu dolls, to lure in depositors as interest rates plummet. Following Ping An Bank's viral promotion, the National Financial Regulatory Administration enforced a 2018 rule to curb inappropriate incentives, urging banks to focus on cutting operational costs instead.

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Story summary

In a bold move, Chinese regulators have cracked down on banks using quirky gifts, such as Labubu dolls, to lure in depositors as interest rates plummet. Following Ping An Bank's viral promotion, the National Financial Regulatory Administration enforced a 2018 rule to curb inappropriate incentives, urging banks to focus on cutting operational costs instead.