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.