The China Banking and Insurance Regulatory Commission (CBIRC) announced on May 13 that it will test retirement savings products at state-owned banks in a few locations in order to diversify retirement financial planning.
The CBIRC and the People’s Bank of China are working on long-term investments with consistent rates that are suitable for risk-averse people, according to the CBIRC.
According to early plans, each of the four state-owned institutions will be able to manage up to 10 billion yuan (about $1.47 billion) in the one-year pilot. These goods’ four terms are five years apart, ranging from five to twenty years.
Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank are the four banks.
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