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Reminders of China's shadow banking, in broad daylight

Nasty surprises may lurk in $3.9tn pile of wealth management products

A bankrupt wealth management products dealer in Jiangsu Province.

SHANGHAI -- Walk in any Chinese city and you are bound to find advertising for wealth management products, much of it handwritten and so having a raw quality not found in a slick bank poster.

Many ads more than make up for a lack of sophistication by promising would-be investors "low risk" and a juicy yield -- say, 4.9% for a 120-day term.

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