Private banking in China only received its baptism in September 2005 with the promulgation of the Interim Administrative Rules on Private Wealth Management Business of Commercial Bank. Some commentators have argued that the monetary threshold for the private wealth management regime is so low that its regulatory ambit covers territory more properly classified as retail banking than true private banking. By Jane Jiang, counsel, Corporate Practice, Allen & Overy Beijing and Fai-hung Cheung, counsel, Banking Practice, Allen & Overy Shanghai
November 10, 2008