Date
17 August 2018

Banks win nod to sell asset management plans, SCMP says

The China Banking Regulatory Commission will allow at least 11 mainland banks to sell asset management plans under a pilot scheme aimed at tapping into the funds of their depositors, the South China Morning Post reported Friday. Most of the participating banks will be issued a quota of between 500 million yuan (HK$635 million) and 1 billion yuan, bank executives were quoted as saying. The banks will package loans and other assets into direct debt financing instruments, which are tradeable in the interbank market, and issue open-ended products in which investors shoulder gains or losses, the report said.

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CG

 

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