China’s banking regulator will strengthen regulation of banks that use faulty accounting practices to disguise losses on the high-yield investment products that are increasingly replacing traditional deposits as banks’ key sources of funding.
Industry insiders have long expressed concern about banks who aggregate the proceeds from the sale of various wealth management products (WMPs) into collectively-managed “fund pools”, rather than clearly linking each product to a specific set of underlying assets.
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Gabriel Wildau, Reuters via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/05P7jnVQAfg/
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