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CBRC: Most financing products profitable in '08

(Xinhua)
Updated: 2009-03-13 00:07

BEIJING -- Financial products sold by 83 banks in China raised up to 3,700 billion yuan ($528.6 billion) in 2008, said an official from China Banking Regulatory Commission (CBRC) on Thursday.

Yin Long, an official in charge of supervision on business innovation, said only 2 percent of all financial products reported losses last year and the volume of losses accounted for about 1.6 percent of the raised total.

He said the yield of most of the financing products was higher than that of deposits. More than 60 percent of the products were invested in the currency and capital markets.

He also said domestic commercial banks needed step up risk management on financing products to avoid losses and disputes.