China sees 2007 domestic banks' wealth management revenue at about 1 trln yuan

The China Banking Regulatory Commission (CBRC) said Chinese banks' 2007 revenues from private wealth management products may have exceeded 1 trln yuan, with lenders actively seeking to expand their revenue streams.

At the end of September China had 60 banking institutions offering private wealth management services, including mutual funds, insurance products and overseas investments.

In the first three quarters of 2007, bank revenues from these products were estimated by the CBRC at nearly 600 bln yuan.

(1 usd = 7.3 yuan)