Monitoring tops agenda for CBRC
By Hu Xiaocen |
January 30, 2013, Wednesday
|
Print Edition
Print Edition
THE scrutiny of the wealth management products will be a top priority for China's banking regulator this year amid a surge in the business, a regulatory official said.
"Some lenders continued to carry out irregular 'cash pool' wealth management activities," Wang Yanxiu, an official at the China Banking Regulatory Commission, said yesterday.
Currently there are 7.1 trillion yuan worth of outstanding wealth management products, a surge of 13 times from the 500 billion yuan in 2007. But Wang assured that the risk is under control as the combined financial products account for about 5 percent of the banks' total assets.
The CBRC said two weeks ago that it would target off-balance sheet financial products as one of the top priorities this year. It prohibits the sale of unauthorized products and misleading customers.
Banks were also ordered to do internal checks on their branches and employees top prevent unauthorized sales, according to the CBRC.
"Some lenders continued to carry out irregular 'cash pool' wealth management activities," Wang Yanxiu, an official at the China Banking Regulatory Commission, said yesterday.
Currently there are 7.1 trillion yuan worth of outstanding wealth management products, a surge of 13 times from the 500 billion yuan in 2007. But Wang assured that the risk is under control as the combined financial products account for about 5 percent of the banks' total assets.
The CBRC said two weeks ago that it would target off-balance sheet financial products as one of the top priorities this year. It prohibits the sale of unauthorized products and misleading customers.
Banks were also ordered to do internal checks on their branches and employees top prevent unauthorized sales, according to the CBRC.
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