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China bank regulator drafts new rules on wealth management products
[BEIJING] China's banking regulator said it was drafting new regulations on commercial banks' wealth management products, to curb risks and promote sustainable development of the industry.
The new rules are being studied internally and feedback is being gathered on them, the China Banking Regulatory Commission (CBRC) told Reuters late on Thursday.
The regulator said it would publicly release new regulations after amending the draft rules, based on the feedback.
Reuters reported the CBRC's draft rules on Wednesday after reviewing the document.
Chinese stocks fell sharply on Wednesday and Thursday after the draft rules were widely reported by the media.