BEIJING, May 24 (Xinhua) -- Chinese banks' wealth management businesses remained stable in recent years with a better product structure, according to the country's top banking regulator.
The balance of non-principal guaranteed wealth management products issued by banks and their subsidiaries amounted to 25.9 trillion yuan (about 3.65 trillion U.S. dollars) at the end of April, according to a statement on the website of the China Banking and Insurance Regulatory Commission.
The commission had approved 19 banks to set up their wealth management subsidiaries by the end of last month. Twelve of them are already in operation, the statement said.
China has been encouraging lenders to separate their wealth management businesses as part of efforts to reduce debt and limit the sale of risky products. Enditem
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