China's new rules may bring sea change for millions of small investors

SHANGHAI (Reuters) - Retired Shanghai truck driver Shen Xipei shunned risky stocks and low-yielding deposits and instead put his life savings into a wealth management product (WMP) sold - and guaranteed - by a bank.

Soon, however, investors like Shen may start switching into other assets after Beijing published draft guidelines on Nov. 17 to ban financial institutions from guaranteeing investors against losses, tightening supervision of what the central bank says is a $9 trillion asset management industry.