Banks’ Wealth Management Rules Take Effect
China’s banking and insurance regulator has instituted the final version of long-awaited rules covering commercial banks’ asset management subsidiaries, with the details underscoring a relaxed stance on how banks can invest wealth management funds.
The final rules, which will impact the country’s 30 trillion yuan ($4.4 trillion) wealth management product (WMP) market, allow banks’ asset management units to raise public stock funds and invest up to 35% of their total assets under management in nonstandard credit assets, according to the China Banking and Insurance Regulatory Commission (CBIRC).
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