Sales of wealth products in China more than doubled in 2011

Chinese banks more than doubled sales of wealth management products in 2011 to an estimated 15.5 trillion yuan or $2.46 trillion.

Sales only reached 7.05 trillion yuan in 2010, reports Reuters.

The average annualised return on wealth management products was 4.14 percent in the first nine months of last year, higher than the one-year bank deposit rate of 3.5 percent.

The yield of 16 wealth products exceeded 10 percent and that of 3,307 products was higher than 5 percent, it said.

Chinese banks have been trying to attract deposits by rolling out a flurry of high-yielding wealth management products, which are open to market competition.

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Tags: wealth product sales, Chinese banks, deposits