China’s deleveraging campaign has yet to satisfy the country’s central bank chief, but evidence shows that there are significant areas of progress, according to Bloomberg. Among the areas of success are a drop in the stock of wealth-management products, which are sometimes used to buy risky, high-yield assets. Total assets parked in wealth-management products dropped during the first half of the year as regulators took strong measures against financial arbitrage and pushed banks to focus on WMPs catering to households, rather than to each other, according to a report this month from China International Capital Corp. In addition, bank lending to non-banks such as investment funds and securities brokers – an important source of shadow credit expansion – has decelerated significantly, according to UBS Group AG estimates. That means less leverage being generated from multiple layers of lending between financial institutions.