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CBRC ban on banks' high-risk investment
Source: Xinhua |
July 9, 2009, Thursday
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Print Edition
Print Edition
THE China Banking Regulatory Commission yesterday said it had issued a new circular banning banks from investing wealth management funds in secondary-market stocks.
It also prohibited banks from investing wealth management funds in secondary-market securities-backed funds, equities of unlisted companies and shares in listed companies but not allowed to be issued or traded publicly, the commission said.
The circular said banks should not spend clients' funds on high-risk investments or too complicated financial products.
It urged banks to protect clients with medium or low incomes while providing rational investment services for high-end clients.
It said for those investors who demanded products with high risks, commercial banks could satisfy them through private banking services, which would not be affected.
It also prohibited banks from investing wealth management funds in secondary-market securities-backed funds, equities of unlisted companies and shares in listed companies but not allowed to be issued or traded publicly, the commission said.
The circular said banks should not spend clients' funds on high-risk investments or too complicated financial products.
It urged banks to protect clients with medium or low incomes while providing rational investment services for high-end clients.
It said for those investors who demanded products with high risks, commercial banks could satisfy them through private banking services, which would not be affected.
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