BEIJING (Reuters) – China’s banking and insurance regulator approved plans by China Construction Bank Corp and Bank of China Ltd to set up wealth management units, it said on its website on Thursday.

China issued rules on Dec. 2 for commercial banks’ wealth management subsidiaries to strengthen their risk management and support the real economy.

Reporting by Beijing Monitoring Desk; Editing by Christian Schmollinger

Our Standards:The Thomson Reuters Trust Principles.

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