China tells banks to cut wealth products yields: sources
Shanghai
CHINA'S banking regulator told some lenders to lower the rates they offer on wealth-management products, people familiar with the matter said, as officials move to reduce financial risks and stimulate the economy.
Banks, including some big lenders, received the order from the China Banking Regulatory Commission (CBRC) earlier this month, said the people, asking not to be identified as they aren't authorised to speak publicly. The requirement applies to on-balance sheet wealth-management products, known as WMPs, according to one of the people. The CBRC didn't immediately respond to a request for comment.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover