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PBOC asks banks to set up AM subsidiaries to take over WMP portfolios by end-2020

PBOC:

The People’s Bank of China has asked Mainland banks to set up independent asset management subsidiaries to take over their wealth management product businesses by the end of 2020, as part of a detailed ruling formalising the ban on shadow banking products and the removal of opportunities for regulatory arbitrages in the nation’s financial industries. The central bank has extended…

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