At the end of 2016, the collective outstanding volume of all asset management businesses was 102 trillion yuan (US$15.38 trillion), according to the central bank. Also, financial institutions will be required to set aside provisions of 10% of their management fee income from asset management products as risk reserves. China announced last week that it would lift foreign ownership restrictions on local banks and asset management companies. Financial institutions would also be punished for providing implicit guarantees for asset management products, the central bank said. The central bank said it would control leverage levels for asset management products to curb asset price bubbles.

Source: Bangkok Post November 17, 2017 13:41 UTC