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China banks' wealth management products shrink in July.-Sept.

2015-10-26 14:23

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Wealth management products (WMPs) offered by banks in China in the three months through September declined either by issuance or by yields.

According to consumer financial services firm Bankrate Inc., banks in China issued a total of 14,619 types of WMPs in the July-September period, down 8.28 percent from a quarter ago or down 8.61 percent from a year ago.

Average annualized yields promised by RMB-denominated WMPs fell to 4.62 percent at the end of September from 4.94 percent at the start of July, the biggest quarterly drop in nearly three years. WMPs are typically short-term investments that banks sell as a high-yield alternative to deposits.

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