© Reuters. FILE PHOTO: Man wearing a conceal walks previous the headquarters of the Of us’s Monetary institution of China, the central bank, in Beijing
QINGDAO (Reuters) – Some unlicensed asset management corporations are aloof operating in China, inflicting a “severe threat to financial stability”, a high legitimate of China’s central bank on Saturday.
Fan Yifei, vice governor of the Of us’s Monetary institution of China, instructed a discussion board that a sizeable share of the 5,000 third-obtain together wealth management corporations in China attain now not comprise the licence to promote insurance protection or public choices of funds.
China introduced sweeping asset management solutions in April 2018 to crack down on volatile shadow lending and crude financial leverage by project of banks’ wealth management products.
The central bank final month extended a grace duration for imposing these solutions by a twelve months to the conclude of 2021.
The criteria remain unchanged no topic the extension, Fan instructed the discussion board.
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