China to monitor wealth management products more closely

China will heighten oversight on wealth management products this year by taking a closer look at money flows off banks’ balance sheets to reduce financial risks at a time when growth is slowing in the world’s No. 2 economy.

The China Banking Regulatory Commission (CBRC) also said on Wednesday it remained committed to cutting risks from loans to local government financing vehicles (LGFVs) this year, but stopped short of any detailed action.

via Business feed http://www.scmp.com/business/banking-finance/article/1222143/china-monitor-wealth-management-products-more-closely