Chinese Swoop on Wealth Products – Jamil Anderlini

From The Financial Times:

Sales of individual wealth management products in China shot up in the last quarter of 2007 as banks expanded their product offerings, the banking regulator said Wednesday.

By the end of September there were 60 banking institutions in China offering individual wealth management services such as mutual funds, insurance products and offshore investments.Together China’s banks sold Rmb600bn ($82bn) worth of such products in the first three quarters of 2007. But the China Banking Regulatory Commission (CBRC) said it expected that figure had jumped to Rmb1,000bn by the end of the year as more products became available and customers shifted money out of interest-bearing time deposits. [Full Text]

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