China's bank regulator steps into WMP ponzi row

China’s banking regulator has said wealth management products (WMPs) issued by banks should not fall under the shadowy private-lending system, moving to calm fears of a giant ponzi scheme. China Banking Regulatory Commission stated last week that principal-guaranteed products, typically invested in money markets, should be included on bank balance sheets, meaning banks will have to provision accordingly, Reuters reports. While non-principal guaranteed products will continue to b…