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China’s bank wealth-management market nears 28 trln yuan

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China’s bank wealth-management market continued to expand by the end of September, industry data showed.

The country’s banking system had a total of 27.95 trillion yuan (about 4.37 trillion U.S. dollars) of outstanding wealth-management products at the end of September, up 9.27 percent year on year, data from the China Banking Wealth Management Registration and Depository Center showed.

In the third quarter, China’s banking system reported 9.88 million new investors of wealth-management products. Some 11,700 new wealth-management products were issued in the period, raising 31.87 trillion yuan.

From January to September, investors earned a total of 640 billion yuan via bank wealth-management products, the data showed.