China curbs high-yield structured deposits by companies: sources

BEIJING/SHANGHAI - China’s banking and insurance watchdog is telling banks to scale back on high-yield structured deposits marketed to companies, three sources told Reuters on Wednesday, seeking to redivert funds to real economic activity.

Some banks received verbal guidance from the regulator this week to downsize their structured deposits by the end of 2020, said the three sources who were familiar with the matter. But the yields they promise hurt their profitability, making the banks reluctant to reduce lending rates, which Beijing wants them to do in order to boost a virus-hit economy that contracted in the first quarter for the first time in decades.

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