noting that banks have grown

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In recent years, the wealth management business in commercial banks has grown rapidly," the regulator said, noting that banks have grown more creative in the way they design, sell and manage wealth products.

"But at the same time, the growth has exposed problems and weaknesses," it said. "There have even been instances of misguided or misleading sales, harming consumers' interests and banks' reputations."

In China, the government tells banks how much to lend and at what price by setting loan quotas and limits on deposit and lending rates.

This has fed stiff competition among banks when it comes to courting savers, leading them to sell products with yields well above benchmark deposit rates to attract deposits and support loan growth.

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