Wealth Products Threaten China Banks as Ponzi-Scheme Risk Swells

Wealth Products Threaten China Banks as Ponzi-Scheme Risk Swells

Tomohiro Ohsumi/Bloomberg

Industrial & Commercial Bank of China, the Beijing-based lender known as ICBC, planned to raise a record 200 billion yuan by selling principal-guaranteed wealth products between the end of June and early July as competition for deposits intensified, the 21st Century Business Herald reported July 6.