Most of the worlds largest banks have set up operations in China and many, including Standard Chartered, UBS and HSBC, began offering private banking services available to clients with $1m or more to invest, last year.
Deutsche Bank yesterday announced it had incorporated locally in Beijing, allowing it to offer more services, including renminbi deposit and lending services.
The CBRC warned yesterday that the growth in wealth management services had been accompanied by a rise in the number of scams aimed at swindling ignorant individuals and that such cases have a profound effect on society at large.
Notes:
individual wealth management products: 个人理财产品
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