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China issues draft rules on bank units' sales of wealth management products

FILE PHOTO: A man rides an electric bike past the China Banking and Insurance Regulatory Commission (CBIRC) building in Beijing, China February 14, 2019. REUTERS/Stringer/File Photo

BEIJING (Reuters) - China’s banking and insurance regulator issued draft guidelines on Friday on sales of wealth management products by commercial banks’ wealth management subsidiaries.

China will allow such subsidaries to act as sales agents for wealth management products for now, and plans to extend the business to other financial institutions, according to the guidelines issued by the China Banking and Insurance Regulatory Commission.

Reporting by Judy Hua and Kevin Yao; Editing by Edmund Klamann

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