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Banks Scale Back Wealth Management Products After New Rules

The new rules over wealth management products aim to end a culture of complacency and an expectation of being bailed out among investors. Photo: VCG
The new rules over wealth management products aim to end a culture of complacency and an expectation of being bailed out among investors. Photo: VCG

*The number of new wealth management products declined by 20.4% in April from the month earlier, declining by 7% year-on-year

*New guidelines having an impact, with maturities lengthening and the number of products offering guaranteed repayment, returns both declining

Chinese banks have scaled back issuance of new wealth management products (WMPs) in the wake of sweeping new rules financial regulators published late last month to curb risks in the country’s $16 trillion asset management industry.

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