China's banking and insurance watchdog issued rules on Friday to establish a regulatory framework for commercial banks aimed at putting controls on the rife expansion of structured deposit products in the country.
The China Banking and Insurance Regulatory Commission (CBIRC) has introduced new guidelines regulating the sale of structured deposit products in China. ‘Recently, the structured deposit business of some commercial banks has developed rapidly, and there have been problems such as irregular management of products, misleading sales, and illegal advertising,’ stated the regulatory authority led by chairman Guo Shuqing ( pictured ), adding that the new rules are seeking to ‘furthe
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