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).
- 1Opinion: Sacrificing Half the World’s People Undercuts ‘The Wandering Earth’s’ Humanistic Message
- 2Two Large Chinese Borrowers Are Said to Miss Bond Payments
- 3China Biz Roundup Podcast: Factory Inflation Stalls, iPhone Discounts, and Private Kindergarten Closures
- 4Holiday Spending Bodes Poorly for China’s Economy This Year
- 5 Operators of ‘Underground Banks’ Which Move Cash Out of China to Face Jail
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas