China to draft rules to rein in asset management risks - BBG
|According to people familiar with the matter, China’s financial regulators are working together to draft new rules for the country’s rapidly-expanding asset-management products, Bloomberg reports.
The sources said on conditions of anonymity, “The draft rules would apply to products issued by banks, insurers, brokerages and other financial institutions.”
Meanwhile, China’s asset-management products totaled about 60 trillion yuan ($8.7 trillion) as of June 30, according to a recent estimate by Li Chao, an official at the China Securities Regulatory Commission (CSRC).
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