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BUZZ-China: WMP time again

Reuters - UK Focus

** U.S. listed China ETF down just under 5 pct in pre-market trading following the sharp slide on Chinese H-share futures in Hong Kong

** Selloff triggered by reported crackdown on OTC margin financing -- in particular umbrella trust wealth management products

** According to UBS (NYSEArca: FBGX - news) estimates from February trust companies have potentially become the largest source of margin finance and growth has come via strong demand for equity market margin financing known as umbrella trusts

** Margin loan balances have hit elevated levels on China's runaway onshore stock markets raising concerns of another crackdown from authorities

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** In Jan, the Shanghai Composite slumped 8 pct on a single day when the CSRC announced tighter regulations.

** The index has snapped back 37% since and almost 10 million new A-share trading accounts have been opened in China since (RM (LSE: RM.L - news) : vikram.subhedar.thomsonreuters.com@reuters.net)