February 6, 2018 / 3:32 AM / 4 months ago

MEDIA-China likely to release new rules for asset management products before March-Yicai

BEIJING, Feb 6 (Reuters) - --China is likely to release new rules to regulate asset management products before the National People's Congress (NPC), or the parliament meeting, which starts in early March, the Chinese business media Yicai said in an exclusive on Tuesday --The transition period for the new regulations would likely to be extended appropriately, Yicai reported, citing sources --China's central bank issued sweeping guidelines to tighten rules on the country's $15 trillion asset management business in November, in a bid to close loopholes that allow regulatory arbitrage, reduce leverage levels to curb asset price bubbles and rein in shadow banking activity. --The transition period for the new regulations lasts until June 30, 2019, the central bank said. --Source link:bit.ly/2GROu4D --Note: Reuters has not verified this story and does not vouch for its accuracy (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)

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