Ten commercial banks have completed issuing 10 billion yuan (US$1.63 billion) worth of asset management products in a trial program, the China Securities Journal reported Friday, citing an unnamed source. Around 25 percent of the funds raised will be invested in direct financing tools and around 40 percent in bonds, while the remainder will go to money market products or interbank deposits, it said. The ten banks are Industrial and Commercial Bank of China Ltd. (ICBC) (01398.HK, 601398.CN), China Construction Bank (00939.HK), Bank of Communications Co. Ltd. (BoCom) (03328.HK, 601328.CN), Ping An Bank Co. Ltd. (000001.CN), China Minsheng Banking Corp. Ltd. (01988.HK, 600016.CN), China Everbright Bank Co. Ltd. (601818.CN), China Merchants Bank Co. Ltd. (03968.HK, 600036.CN), Shanghai Pudong Development Bank Co. Ltd. (600000.CN), Industrial Bank Co., Ltd. (601166.CN) and China Baohai Bank. China CITIC Bank Corp. Ltd. (00998.HK, 601998.CN), which had announced that it had won such license, was absent in the first batch, according to the report.
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