Wealth products see higher returns
Print Edition
Commercial banks on China’s mainland issued 30 percent more wealth management products in the third quarter from a year earlier, and consumers are set to enjoy higher returns.
They issued 10,286 wealth management products in the third quarter, Florida-based consumer financial service company Bankrate Inc said in a latest report.
It added that only 40 structured products of the 10,253 products that were due for payment during the period have missed their expected returns. China Merchants Bank’s 26 financial products fell short of their expected returns during the period, followed by China Guangfa Bank’s seven products.
A structured product, also known as a market-linked investment, pays investment return based on the performance of a single security, a basket of securities, indices or commodities.
The average expected return of the bank wealth management products may rise by the end of this month due to a recent liquidity crunch, Bankrate said.
Joint-stock banks were the top issuer in the wealth management business, issuing 3,344 products in the third quarter, accounting for 32.5 percent of the market. City commercial banks issued 3,176 products during the period, or 30.9 percent of the market, and overtook the big state-owned banks as the second-biggest issuer.
The top issuers were China Construction Bank, China Minsheng Banking Corp and the Bank of China.
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