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More China banks set up independent AM subsidiaries to retain WMP business

More mainland Chinese banks are setting up independent asset management subsidiaries to retain their wealth management product (WMP) business, under a formal notice issued by the People’s Bank of China (PBOC) demanding that such products be transferred to the subsidiaries by the end of 2020. Bank of Beijing and Huaxia Bank have followed China Merchants Bank (CMB) by telling markets they will…

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