From Bloomberg, 5 May 2017:
Signs are emerging that the Chinese government’s renewed drive to curb financial leverage is starting to bite.
The number of wealth-management products (WMPs) issued by Chinese banks slumped 39 percent in April from the previous month, while trust firms distributed 35 percent fewer products, according to data compilers PY Standard and Use Trust….
…The recent regulatory moves erased more than $300 billion of stock-market value and sent bond yields to the highest level in nearly two years as investors speculated the crackdown will curtail the amount of funds available for investment in financial markets.
It’s a valid concern: Chinese banks sold 5,989 wealth-management products last month, down from March’s 9,829, which was the highest since at least December 2015, according to PY Standard, a Chengdu-based financial data provider….