BWM market expands steadily in China

China's bank wealth management market enjoyed steady growth momentum in the first quarter, industry data indicated on Tuesday. The balance of wealth management products stood at 29.14 trillion yuan ($4.04 trillion) at the end of March, up 9.41 percent year-on-year, according to the latest data provided by the China Banking Wealth Management Registration and Depository Center. At the end of the first quarter, the number of wealth management products increased by 0.67 percent year-on-year to 40,600, offered by a combination of 215 banking institutions and 31 wealth management companies, the center said.

Yuan weakens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 19 pips to 7.2074 against the US dollar on Tuesday, according to the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day. The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Xinhua - China Daily