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China tightens rule on wealth management funds

(Xinhua)
Updated: 2009-07-08 23:20

BEIJING: The China Banking Regulatory Commission (CBRC) said Wednesday it had issued a new circular banning banks from investing wealth management funds in secondary-market stocks.

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It prohibited banks from investing wealth management funds in secondary-market securities-backed funds, equities of unlisted companies and shares in listed companies that are not allowed to be issued or traded publicly, said the statement on the CBRC website.

The circular said banks should not spend clients' wealth management funds on investment in high risks or too complicated financial products.

The circular urged banks to protect clients with medium or low incomes while providing rational investment services for high-end clients.

It said for those high-end experienced investors who demand for products with high risks, commercial banks could satisfy them through private banking services, which would not be affected by the circular.