China’s savers are turning a deaf ear to government warnings about one of their favorite investments.
Individuals hold nearly 90 percent of instruments known as wealth management products, a record share, because many believe they’re shielded from losses -- a view officials have tried hard to discourage. The assumption of safety has been buttressed by the fact that the large banks that issue WMPs have at times dipped into their own balance sheets to protect investors from losses or even outright defaults.
