Chinese stocks fell on Thursday, extending sharp losses in the previous session, as investors sold financials on news that regulators are planning a crackdown on wealth management products to curb risks to the banking system.
China is considering restricting investments by small banks in the rapidly growing $3.5 trillion wealth management product (WMP) industry, draft rules seen by Reuters showed, as concerns grow that they are taking increasing risks.
The curbs could include capping their investment in the stock market.
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China is considering restricting investments by small banks in the rapidly growing $3.5 trillion wealth management product (WMP) industry, draft rules seen by Reuters showed, as concerns grow that they are taking increasing risks.
The curbs could include capping their investment in the stock market.
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