China to draft rules to rein in asset management risks - BBG

According to people familiar with the matter, China’s financial regulators are working together to draft new rules for the country’s rapidly-expanding asset-management products, Bloomberg reports.

The sources said on conditions of anonymity, “The draft rules would apply to products issued by banks, insurers, brokerages and other financial institutions.”

Meanwhile, China’s asset-management products totaled about 60 trillion yuan ($8.7 trillion) as of June 30, according to a recent estimate by Li Chao, an official at the China Securities Regulatory Commission (CSRC).