Briefly

Wealth products for retirees in 4 cities

The first batch of wealth management products for retirement planning is now available to Chinese investors in four cities: Wuhan, Hubei province; Chengdu, Sichuan province; Shenzhen, Guangdong province; and Qingdao, Shandong province. Sales are done online and offline starting from Friday. Investors can check related information on chinawealth.com.cn. Four banks' wealth management subsidiaries－ICBC Wealth Management Co, CCB Wealth Management Co, CMB Wealth Management Co and Everbright Wealth Management Coare participating in the pilot program of WMPs for retirement planning. They have all completed product declaration in the national banking wealth management information registration system.

Trust assets shrink in third quarter

China's trust industry maintained a shrinking trend in the third quarter of this year, data showed. Total trust assets slid by 2 percent year-on-year to 20.44 trillion yuan ($3.2 trillion) as at the end of the third quarter with the assets structure further improving, according to the China Trustee Association. Industrial and commercial enterprises continued to take the lion's share of total trust investment in the period, reflecting the role of trust funds in supporting the real economy. As at the end of the third quarter, outstanding investments by trust funds into the real estate sector saw a year-on-year contraction of 18.13 percent to reach 1.95 trillion yuan.

Fresh reverse repos net 10b yuan again

The People's Bank of China, the central bank, injected 10 billion yuan ($1.57 billion) into the financial system via seven-day, 2.2 percent reverse repos on Friday. The PBOC injected an identical amount on Thursday as well. Reverse repos enable the central bank to buy securities from commercial banks through bidding, with an agreement to sell them back in the future, and help keep the liquidity in the banking system reasonably stable.

Xinhua - China Daily