Date
20 September 2017

CBRC tightens bank wealth management oversight, paper says

The China Banking Regulatory Commission has widened the scope of its supervision of banks’ wealth management businesses, the 21st Century Business Herald reported Wednesday. In response to rapid growth in the sector, the regulator is requiring banks to submit regular reports on their compliance and internal monitoring, including updates on use of capital, product valuations, information disclosure and product sales, the report said. As of the end of February, mainland lenders had 12.22 trillion yuan (US$1.97 trillion) in wealth management assets, with customers earning a combined investment return of 450 billion yuan in 2013. 

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EL/AC/SK

 

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