Beijing turning screw more on WMP business

China’s banking regulator is taking further steps to curb the growth of the industry’s $3.8 trillion wealth management product (WMP) business, amid what it sees as rising risks in the shadow banking sector. Banks will reportedly have more constraints on the products they can issue and partners they work with. As a result, the average yield of these products is expected to drop below 3% from an estimated 4% currently and 5.5% as of end-2014, and fund houses’ segregated account (SA)…