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ICBC seeks compliant destinations to reallocate WMP assets

ICBC, the world’s largest bank, is seeking new investment destinations to rebalance and reallocate noncompliant assets in its RMB 3 trillion worth of wealth management products (WMP), according to the bank’s president. The bank did not immediately disclose, in its financial reports published in the Hong Kong Stock Exchange, how much of this balance is affected by a central bank-mandated…

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