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China points draft guidelines on financial institution models’ gross sales of wealth administration merchandise

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© Reuters. FILE PHOTO: A person rides an electrical bike previous the CBIRC constructing in Beijing

BEIJING (Reuters) – China’s banking and insurance coverage regulator issued draft tips on Friday on gross sales of wealth administration merchandise by industrial banks’ wealth administration subsidiaries.

China will permit such subsidaries to behave as gross sales brokers for wealth administration merchandise for now, and plans to increase the enterprise to different monetary establishments, in response to the rules issued by the China Banking and Insurance coverage Regulatory Fee.

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