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China publishes draft rules on accounting of asset management products

SHANGHAI : China's finance ministry on Thursday published draft rules on the accounting of asset management products.

China has been urging asset managers to issue products based on net asset value (NAV) that promptly reflect changes in market prices, as part of efforts to crack down on opaque shadow banking businesses.

The draft rules help fend off financial risks and improve the quality of accounting information for China's asset management products, the Ministry of Finance said in a statement on its website.

(Reporting by Shanghai Newsroom)

Source: Reuters

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