Chinese regulator approves wealth management units at two major banks

The Bank of China (BoC) and China Construction Bank have received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to set up wealth management units, according to Chinese financial news service Caixin Global. The move follows a new set of rules governing these commercial banks' wealth management businesses aimed at strengthening risk management and support of the real economy published by the regulator in early December. Under the new framework, asset management