China Savers Put Record $2.1 Trillion in Wealth Products
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Chinese households increased the amount of savings diverted into wealth-management products to a record 12.7 trillion yuan ($2.1 trillion) as the government tries to manage risks from an explosion in shadow banking.
The outstanding value rose 24 percent in the first half from the end of last year, the China Banking Wealth Management Registration System said on its website today. The average annualized return was 5.2 percent, compared with 3 percent for benchmark one-year deposits.