August 10, 2016 / 3:02 AM / 3 years ago

China regulators launch inspections on banking business, wealth management - media

SHANGHAI (Reuters) - China’s banking regulator has launched nation-wide health-check on the banking industry, covering a wide range of business areas including deposits, lending, bills and wealth management, the National Business Daily reported on Wednesday.

The regulatory scrutiny follows a series of financial scandals involving bill businesses hit lenders, the newspaper said on its website.

The inspections, which target not only commercial banks, but also trust firms, financial leasing companies and money brokers, will look at whether deposits have been misappropriated, principal payment has been guaranteed on wealth management products, and whether there are under-the-table deals involving bill businesses, the article reported.

Separately, Caixin reported on its website on Wednesday that China’s securities regulator has urged securities firms, fund houses and futures brokerages to conduct self-inspections on their wealth management businesses, and take corrective measures accordingly.

Reporting by Samuel Shen and Pete Sweeney; Editing by Sam Holmes

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