The sale of personal wealth management products last year at
banks may have topped one trillion yuan (US$137 billion) as Chinese
seek more financial products, the banking regulator said
yesterday.
The sales, which include mutual funds and investments overseas
on behalf of clients, totaled nearly 600 billion yuan in the first
nine months of 2007, the China Banking Regulatory Commission said
in a statement posted on its Website yesterday.
A total of 1,643 personal wealth management products were sold
by banks in the first nine months, the regulator said.
Chinese are seeking more financial products due to the country's
rising economy.
The booming stock market also offers banks a platform to sell
related financial products, such as bidding on new shares and
services under the qualified domestic institutional investors
scheme, where banks pool client money to invest in overseas capital
markets.
The regulator also cautioned investors to be aware of risks in
such products.
(Shanghai Daily January 3, 2008)
