Outstanding loans of Chinese micro-credit firms stand at $126.7 bln

Outstanding loans extended by China's micro-credit companies came in at ¥907.6 bln (about $126.7 bln) by the end of September, official data showed. This was reported by The Xinhua News Agency.

In the first three quarters of this year, the figure logged a drop of ¥34.7 bln, the People's Bank of China said in a statement.

By the end of last month, there were 6,054 micro-credit companies nationwide, the central bank said.

Micro-lenders largely target small companies and low-income groups in need of capital. In recent years, China has tightened regulations for the sector to rein in financial risks