Postal Savings Bank of China Co. Ltd. received approval from the China Banking and Insurance Regulatory Commission to commence operations at its wealth management subsidiary.

The unit, PSBC Wealth Management Co. Ltd., has a registered capital of 8 billion yuan. It will specialize in the issuance of publicly offered wealth management products and privately offered wealth management products, wealth management advisory and consultancy services and other relevant asset management businesses.

Following the approval, Postal Savings Bank of China said it will implement the relevant procedures to prompt the commencement of the unit's operations.

As of Dec. 4. US$1 was equivalent to 7.05 Chinese yuan.