China’s cleansing of WMP-compliant security is ‘complete’, Reuters reports


© Reuters. PICTURES: China national flag flashes in Beijing, China April 29, 2020. REUTERS / Thomas Peter

BEIJING (Reuters) – China has made strides in clearing WMPs, the director of operations said on Saturday, when it announced that the transition period for many years was “over”.

WMP is a commercial vehicle that is sold by banks and retailers to retailers and retailers, which often offer higher yields than deposits. They have come to the fore as some of China’s top debtors are facing economic hardship.

Cao Yu, deputy chairman of the China Banking and Insurance Regulatory Commission, told a meeting in Beijing that non-long-term asset management and securities were eliminated by the end of 2021.

Many banks, especially small and medium-sized banks, have developed their own WMPs in a timely manner, he said.

Cao said reliable financial markets are slowly declining WMPs, with unconventional assets, used by other companies in financing, which have dropped by more than 80%.

Chinese regulators have enacted greater economic regulations in 2018 to regulate the financial management of banks, which is one of the major challenges in reducing the major financial risks that are often disrupted.

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