Wealth management products in China totaled RMB9.9 trillion (US$1.63 trillion) as of 30 September 2013, according to an industry report released by China Banking Association.
These products account for the biggest share of the Chinese asset management market, wantchinatimes.com reported citing the report.
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The figure is up from RMB7.1 trillion (US$1.2 trillion) at the end of 2012 and has more than doubled from RMB4.59 trillion (US$755 billion) at the end of 2011.
According to the report, there is a margin of roughly 1% in returns between wealth management products and bank deposits with similar tenors.
The report added that average yields of wealth management products stood at 4%-4.5% in China.
In response to figures, deputy director of the Banking Supervision Department of the China Banking Regulatory Commission (CBRC) Yang Xiaojun, asked banks to strike a balance between financial innovation and risk management.
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By GlobalData"Banks and financial institutions should put investors’ interests at the forefront when engaging in wealth management," Yang added.
