China stocks rebound as Beijing considers impact of new asset management rules
Reuters|
Updated: Dec 11, 2017, 01.43 PM IST
SHANGHAI: China stocks rallied on Monday, led by consumer and healthcare firms, after Beijing said it will "fully" consider the possible impact on banks and markets before finalising its new asset management rules
Chinese stocks tumbled last month after Beijing issued draft guidelines to tighten rules on the asset management industry, in its latest step to fend off systemic risks from the country's rampantly growing shadow banking sector.
In a rare protest, 10 Chinese banks met last week to raise strong objections to the central bank's plan, saying it may cause a rush of redemptions among other risks, three sources with knowledge of the matter told Reuters. The lenders hope the central bank will loosen the proposals.
Chinese stocks tumbled last month after Beijing issued draft guidelines to tighten rules on the asset management industry, in its latest step to fend off systemic risks from the country's rampantly growing shadow banking sector.
In a rare protest, 10 Chinese banks met last week to raise strong objections to the central bank's plan, saying it may cause a rush of redemptions among other risks, three sources with knowledge of the matter told Reuters. The lenders hope the central bank will loosen the proposals.
