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Chinese banks’ RMB 29 trn WMP market under “tremendous pressure”

Chinese banks’ RMB 29 trillion market of wealth management products – a key source of revenue and the component that underpinned and funded the nation’s shadow loans – is under “tremendous pressure” to contract, according to a former deputy director of the Chinese State Council’s Development Research Centre. “Their business is clearly not in line with policies. It was pure…

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