China Cools Growth in Wealth Products Worth Trillions of Dollars
- First-quarter increase slows to 18.6 percent from 53 percent
- Regulators stepped up efforts to clamp down on potential risks
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China’s boom in wealth-management products worth trillions of dollars, under scrutiny from regulators because of potential threats to financial stability, is slowing for now.
Outstanding products issued by banks stood at 29.1 trillion yuan ($4.2 trillion) as of March 31, up 18.6 percent from a year earlier, according to the China Banking Regulatory Commission. The growth rate slumped from 53 percent during the same period last year, CBRC said.