Skip to content
Subscriber Only

Chinese Banks Didn't Object to New Asset Rules, Association Says

  • Group says it’s organizing discussions on the proposals
  • Asset management rules are set to come into effect in 2019
General Views of Pudong as PBOC Cash Withdrawals Seen Denting Sentiment
Photographer: Qilai Shen/Bloomberg

China’s banking association is organizing discussions on the nation’s proposed new asset-management rules, the group said in a social media posting, dismissing as “untrue” reports that some lenders have submitted a petition to policy makers on the subject.

The statement comes after regulators last month proposed sweeping guidelines to curb risks in the nation’s $15 trillion of asset-management products, prompting a three-day drop in sovereign bonds and driving stocks to a two-month low before a late rally amid speculation state-backed funds would stem excessive losses.