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.
