July 20, 2018 / 10:32 AM / 3 months ago

China issues long-awaited bank wealth management product rules

BEIJING, July 20 (Reuters) - China’s banking and insurance regulator on Friday released long-awaited draft rules to strengthen regulations of commercial bank’s wealth management businesses, part of Beijing’s broader efforts to fend off systemic financial risks.

The regulator said wealth management products should be managed based on their net value and banks must standardize the management of their fund pools to prevent shadow banking risk, according to an online statement. (Reporting By Beijing monitoring desk Editing by Shri Navaratnam)

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