Growth in trust assets slows

Chinese trust companies’ assets under management climbed 6.4% to RMB12.5 trillion (US$2 trillion) as of the end of June from three months earlier, Bloomberg reported, citing the China Trustee Association on Monday. That is the slowest growth since the first quarter of 2012 and compares with an average annual gain of 50% since 2008. The average yield of trust products rose to 6.87% in the second quarter from 6.44% three months earlier. The quarterly increase in assets under management was RMB751 billion. The slowdown comes amid a government crackdown on shadow banking and investors reassess the risks of the high-yield investments.