BEIJING (Reuters) - China’s banking regulator said on Friday that the country’s interbank business slowed significantly in the first 10 months of the year, with the total volume of wealth management products (WMPs) shrinking by 2.7 trillion yuan (£301.9 billion).
Interbank assets and liabilities of banking institutions in January-to-October declined by 3.4 trillion yuan and 1.4 trillion yuan, respectively, Xiao Yuanqi, head of prudential regulation for the China Banking Regulatory Commission told a news conference.
The growth rate for WMPs declined 4.7 percent, Xiao said.
China issued sweeping guidelines last month to tighten rules on the fast-growing asset management business as part of a widening government campaign to reduce risks in the financial system.
Reporting By Shu Zhang and Matthew Miller; Editing by Kim Coghill