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China publishes draft rules for the sale of wealth administration merchandise by banking entities

© Reuters. FILE PHOTO: A man rides an electric bike past the CBIRC building in Beijing

BEIJING (Reuters) – China's banking and insurance regulator on Friday issued draft guidelines on the sale of wealth management products by commercial banks' wealth management companies.

China will allow such subsidiaries to act as sales agents for wealth management products for the time being and plans to expand the business to other financial institutions in accordance with guidelines from the China Banking and Insurance Regulatory Commission.

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