News Snapshot:
China bans banks from selling deposit products on third-party internet platforms 07 AM BEIJING (Reuters) - China's banking and insurance regulator on Friday banned commercial banks from using third-party internet platforms to sell deposit products, including those relating to fixed-term deposits. The move is designed to avoid spillover financial risks brought by the rapid development of the financial technology sector, according to a statement of China's Banking and Regulatory Commission (CBIRC). The financial arms of big tech companies including Ant Group, JD Digits, and Baidu Inc-backed Du Xiaoman Financial have been offering high-yield deposits at local banks on their apps....
