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PBOC to assess off-balance sheet wealth products


12-21-2016 00:23 BJT

China's central bank will tighten supervision of shadow banking businesses. Officials will include off-balance sheet wealth management products into its risk-assessment framework next year. Such operations will be included as part of the central bank's macro-prudential assessments.

The PBOC also urged financial institutions to strengthen liquidity management and keep next year's lending growth at a "rational and appropriate" pace.

China's 3.5 trillion US dollar wealth management industry has been facing risks, as off-balance sheet products channel deposits into risky investments with little regulatory oversight.

Over the weekend, China's top leaders vowed to prevent asset bubbles in 2017 and to place greater importance on managing financial risk.

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